A Metropolitan magistrate court on Wednesday rejected the bail application of Dharmesh Jain and Rajiv Jain, the directors of real estate firm Nirmal Lifestyle.
The two were arrested by the Economic Offences Wing last Thursday for duping 34 home buyers of ₹11 crore. There are two other cheating FIRs registered against them.
The duo said they had reached a settlement with 29 home buyers by paying them 20% with agreement to pay the rest as per consent terms. The police opposed the bail and said there are two more cases against the accused builders and haven’t been arrested in those cases.
They said the builders are influential and can tamper with evidence if granted bail.
The Economic Offences Wing also filed an application in the court to take custody of the two and said that another FIR has been registered against them at Mulund police station for cheating 54 buyers of ₹44 crore.
