Mumbai: An First Information Report (FIR) was registered against real estate developer Wadhwa Group for allegedly cheating Policon Realtors of Rs 57 crore.
The case was filed at Goregaon Police stationand transferred to the Economic Offences Wing (EOW) of the Mumbai Police accusing Wadhwa Group directors, including Navin Makhija, of allegedly failing to honour financial commitments in a redevelopment agreement.
According to the complainant, Policon Realtors promoter Shakeel Hussain Tanwar, despite receiving additional floor space index (FSI) and funds as part of a settlement deal, Wadhwa Group companies Wadhwa Holdings Pvt Ltd and Wadhwa Realty Pvt Ltd allegedly defaulted on payments for redevelopment of Unnat Nagar Akshaya Cooperative Housing Society, Goregaon.
The tender secured by Policon Realtors for redevelopment included five towers with 68 flats each was halted due to the residents refusal to vacate and changes in Mhada rules resulting in a stay order.
“In 2009, Wadhwa Group was brought in to complete the project, agreeing to pay Rs 5 crore and allocate 18% of the saleable flat but paid only Rs 2.5 crore and failed to initiate construction. Despite a revised agreement in 2013, Wadhwa Group refused further payments and did not meet construction deadlines,” states complaint in the FIR against Wadhwa Group directors.
According to senior police officials, after court-appointed arbitration, Wadhwa Group did not honour the settlement terms, leading to the filing of the FIR. There was no response from Wadhwa group.
