Mumbai: Economic Offences Wing arrests city builder for duping investors

Mumbai: Economic Offences Wing arrests city builder for duping investors

The Mumbai Police’s Economic Offences Wing (EOW) has arrested a Punjab-based builder for duping investors of over Rs27 crore. EOW officials said builder Jagdish Ahuja was wanted for cheating several people by promising attractive returns on investing in his housing project in Mumbai. His son, Gautam Ahuja, is also an accused in the case but is on the run.

Vishal SinghUpdated: Sunday, December 18, 2022, 03:52 AM IST
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Representative Image | File

Mumbai: The Mumbai Police’s Economic Offences Wing (EOW) has arrested a Punjab-based builder for duping investors of over Rs27 crore. EOW officials said builder Jagdish Ahuja was wanted for cheating several people by promising attractive returns on investing in his housing project in Mumbai. His son, Gautam Ahuja, is also an accused in the case but is on the run.

The complainant in the case is city businessman Ravi Harkishan Vaswani, 57. Jagdish Ahuja and Gautam Ahuja, partners in Ahuja Properties and Associates, induced Mr Patel and his relatives to invest in their project. Initially, they gave decent returns and won the businessman’s trust. However, when Mr Patel invested a higher amount and got his relatives, too, to invest, the accused assured four flats in a Chunabhatti project but neither gave possession nor returned the invested money.

On Mr Patel’s complaint, the EOW registered an FIR under sections 406 (punishment for criminal breach of trust), 409(criminal breach of trust by merchant) and 420(cheating and dishonestly inducing delivery of property) under the Indian Penal Code.

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