Mumbai: The Economic Offences Wing (EOW) has taken up an investigation into an alleged Rs.100 Crore Property fraud. In this case the Powai Police have registered a case against eight persons, including members of the Khandelwal family, directors of private companies and developers, for allegedly conspiring to fraudulently claim ownership of a prime 1.33-acre portion of land in Powai and executing agreements involving the property on the basis of allegedly false and fabricated documents.
Businessman Files Complaint
According to the FIR, the complaint filed by Narottam Chittaranjan Sharma, 65, a businessman and director of Smit Properties Pvt. Ltd., the disputed property forms part of a larger parcel of 3 acres and 20 gunthas in Survey No. 31 (part), now identified as New Survey No. 48 (part) and City Survey Nos. 116 and 116/1 to 8 and 105, at Tungwa, Powai.
Sharma stated that his family has been claiming rights over the larger property since his grandfather, Chandrabhan Bhuramal Sharma, acquired leasehold rights in 1948. According to the complaint, the 376 acres and 20.5 gunthas of land covering Tirandaz, Powai, Tungwa, Paspolii and Saki was subsequently purchased by Chandrabhan Sharma and his wife Durgadevi Sharma from the Sir Mohammad Yusuf Trust through registered documents dated March 30, 1964.
Property Transferred In 2005
The complainant further stated that the 3-acre-20-guntha portion at Tungwa was subsequently transferred to Smit Properties Pvt. Ltd. by his father, Chittaranjan Sharma, through a registered document dated June 8, 2005.
The alleged fraud came to light when the complainant found that The Master Clock and Watch Works Pvt. Ltd. had allegedly represented itself as the owner of 4,276.50 sq m of the disputed property and entered into a development agreement with Powai Vihar Developers Pvt. Ltd. through registered document No. 2993/2007 dated May 24, 2007. Under the agreement, the company allegedly received ₹60 lakh and development rights involving around 81,000 sq ft of construction.
₹13 Crore Transaction Questioned
The complainant has also alleged that members of the Khandelwal family, through registered document No. 7464/2021 dated April 12, 2021, claimed ownership over another portion measuring 1,112 sq m on the basis of alleged adverse possession and transferred the property to Renis Electronics Pvt. Ltd. for ₹13 crore.
According to Sharma, Renis Electronics is a sister concern of The Master Clock and Watch Works Pvt. Ltd., with Suresh Patel and Nirmal Patel allegedly serving as directors of both companies. The complaint alleges that the Khandelwal family had originally obtained the 3-acre-20-guntha property through a 98-year new sub-lease executed on April 30, 1956. The property was subsequently sub-leased through a series of agreements to other companies, including B. Mohanlal & Company, now known as Star Metals and Tube Corporation, and thereafter to The Master Clock and Watch Works Pvt. Ltd.
The complainant alleged that despite holding only leasehold/sub-lease rights, the accused subsequently projected themselves as owners of the property and executed transactions involving the land. Sharma has alleged that the eight accused persons acted in connivance and, by allegedly using false and fabricated documents, committed breach of trust, cheating, criminal conspiracy and misappropriation of approximately 1.33 acres (around 5,388 sq m) of land belonging to Smit Properties Pvt. Ltd.
The alleged loss to the company has been estimated at approximately ₹100 crore. The accused named in the complaint include Chandrakant Ramakant Khandelwal, Ramakant Jagannath Khandelwal, Savita Chandrakant Khandelwal, Kamaladevi Ramakant Khandelwal, Durga Prasad Ramcharan Pvt. Ltd., The Master Clock and Watch Works Pvt. Ltd., Renis Electronics Pvt. Ltd. and Powai Vihar Developers Pvt. Ltd., along with persons associated with the respective companies. Police have registered a case and initiated an investigation into the alleged property fraud, including the documents and transactions referred to in the complaint.
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