Mumbai: Four partner builders have been booked for allegedly duping a non-resident Indian (NRI) of Rs11 crore on the pretext of providing good returns on investment in a Slum Rehabilitation Authority (SRA) project. The accused – Dhanji Gala, Sameer Khan, Saif Khan and Abdul Khan – are partners in the firm, Gajanan Builders, since 2010.
In his complaint lodged with the Matunga police, Nizar Virani, 52, said that he lives in Dubai and is into property management business. He alleged that Gala gave him the investment proposal in 2010. The latter promised 40% returns in lieu of financial support for developing the SRA projects, Sangam and Sahara, in Oshiwara, said Virani.
A memorandum of understanding (MoU) was signed between them, as per which Virani was to 'invest' Rs 30 crore. He said that he paid Rs11 crore to Gajanan Builders as the first installment. As per the MoU, the complainant was supposed to get the profit for each flat sold. However, not even a single penny was received till 2023, said Virani, adding that he decided to check with Gala when he visited Mumbai in December last year.
During the meeting, the complainant asked Gala to check the profit clause in the MoU. However, the latter simply said that the agreement is with his advocate in Nariman Point. Virani then approached him, who “refused to share the MoU's copy”, saying he hasn't 'invested' the entire amount of Rs30 crore.
The NRI then visited the project site and found out that Gajanan Builders had sold over 200 properties, but didn't share the profits. Moreover, Virani also alleged that the accused loaned Rs175 crore from Edelweiss Real Estate Fund and Edelweiss Alternative Asset and Advisory Limited, without informing him.
An FIR has been registered against them under the Indian Penal Code sections 120B (criminal conspiracy), 403 (dishonest misappropriation of property), 406 (criminal breach of trust), 420 (cheating) and 467 (forgery of valuable documents) as well as the Maharashtra Apartment Ownership Act.
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