Mumbai, February 25: MahaRERA (Maharashtra Real Estate Regulatory Authority) has filed a case against M/s Paramveer Developers and its Directors, Kumar Mordani and Kanhaiya Kumar Mordani, for alleged cheating. MahaRERA alleged that the developer violated numerous rules and conditions, including diverting a loan amount of Rs 66.43 crores to their own other companies without proper agreement and found the developer engaged in Rs 78.04 crores of misfeasance. The case was registered at Khar police station on February 23.
According to the FIR, Kumar Kanhaiyalal Mordani and Kanhaiya Kumar Mordani, father and son Directors of M/s Paramveer Developers, reside in Khar East, and the company's office is also located in Khar West. In January 2023, MahaRERA sent a non-compliance letter to Paramveer Developers, followed by a second letter in February, to which the developer did not respond. Consequently, MahaRERA initiated an inquiry through a hired investigation company and found that the developer had violated multiple rules and conditions.
The investigation revealed that the developer received Rs 19.82 crores from customers, which they did not credit to the project accounts, instead, they credited it to the company's regular current account. A portion of this amount was diverted to their other companies without a proper agreement. The developer also took Rs 202 crores in loans from banks and financial institutes, diverting Rs 66.43 crores to their other companies without proper agreement. Documents showed multiple transactions without proper registration, and one transaction revealed that the company returned Rs 109.13 crores to banks and financial institutes.
Suspicious transactions included returning amounts to customers after cancelling deals, with the company returning more than it had received. Many transactions and registrations did not match, and the developer's project at LBS Kurla, where they sold crores of land of the project, raised additional suspicions. The developer has not submitted any report to MahaRERA since 2017.
Despite claiming to complete the project by 2022, only 30% of the project has been completed to date. MahaRERA rules state that if the building is RCC, the developer should only take 70% of the amount from customers, but the developer took the full amount. MahaRERA found the developer engaged in Rs 78.04 crores of misfeasance.
Consequently, MahaRERA filed a case against M/S Paramveer Developers and company Directors Kumar Mordani and Kanhaiya Kumar Mordani under sections 34 (common intention), 406 (breach of trust), 409 (criminal breach of trust), and 420 (cheating and dishonesty) of the Indian Penal Code at Khar police station.
