Kalyan: A case has been registered against Kalyan-based developer Shrikant Digambar Shitole, CMD of Tycoon Gold Avenue and others over an alleged financial fraud of more than ₹176 crore linked to a MHADA redevelopment project in Kalyan West. The case was registered at Khadakpada police station under various provisions of the Bharatiya Nyaya Sanhita (BNS) against Shitole, Chetan Saraf, Mahesh Gosavi and others.
Case Linked To Shantidoot Society Redevelopment Project
The case relates to the redevelopment of Shantidoot Cooperative Housing Society part of the MHADA MIG scheme on Survey No. 22 at Chikanghar near Birla College in Kalyan. The redevelopment project was awarded to Tycoon Avanti Projects LLP a joint venture between Tycoon Realty LLP and Seacom Realty Ltd.
According to the complaint the developer collected more than ₹176 crore from the society's 184 original resident members and hundreds of prospective flat buyers, but construction progressed only up to the 10th floor before coming to a halt in 2022. The prolonged delay has allegedly left the original residents without homes and buyers without possession of the flats for which they had paid substantial amounts.
Buyer Claims Payment Of ₹39 Lakh For Flat
The complaint was filed by Nanda Prabhakar Mhatre, who had booked Flat No. 1101 in the A-Wing of Tycoon Gold Avenue on August 29, 2021, for ₹68.15 lakh. She allegedly paid ₹39.36 lakh towards the purchase. As per the agreement, possession was scheduled for July 2025. However, she has not received possession to date.
One of the key allegations in the complaint is that the developer allegedly misused the power of attorney obtained from the society and mortgaged the society's land with a bank. The alleged transaction has raised concerns over the project's financial and legal status and is now part of the police investigation.
Police Examine Financial And Property Records
Police are examining the financial transactions banking records, property-related documents and agreements executed with buyers. The investigation is being conducted under the guidance of Police Inspector Premnath Dhole. Aggrieved residents and buyers have sought immediate action against those named in the complaint.
Meanwhile Shrikant Digambar Shitole, CMD, Tycoon Gold Avenue, Kalyan, denied the allegations and said he was being targeted as part of an attempt to defame him.
I am being targeted in an attempt to defame me. Some local-level political leaders are also involved in this. As far as the complaint is concerned, the complainant should have first approached the RERA authority. There has certainly been a delay in the project, but it is due to technical reasons. This is known to everyone at the government level," Shitole said.
The allegations in the police complaint are subject to investigation, and their veracity will be established through the legal process.
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