Mumbai: EOW Arrests Builder Jayesh Tanna For Alleged ₹40 Crore Fraud In Flat Sales

Mumbai: EOW Arrests Builder Jayesh Tanna For Alleged ₹40 Crore Fraud In Flat Sales

Police investigation revealed that funds were diverted from the project’s bank account to three of the accused’s personal bank accounts, misappropriated for personal use

Vishal SinghUpdated: Monday, December 18, 2023, 01:28 AM IST
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Mumbai: EOW Arrests Builder Jayesh Tanna For Alleged ₹40 Crore Fraud In Flat Sales | Pixabay

The Economic Offence Wing (EOW) of the Mumbai police has arrested a builder on charges of accepting Rs40 crore from 27 people under the guise of selling them flats and subsequently failing to deliver the promised properties. This arrest follows several previous cases of fraud registered against the accused Jayesh Tanna, 56.

Details of case

Tanna, serving as the director of Sai Siddhi Developer, undertook a project named Goregaon Pearl Co-operative Housing Society in Siddharthnagar of Goregaon West. Throughout the project, he purportedly sold flats to 27 people, collecting approximately Rs40 crore from them.

In 2012, Tanna received money from these people in the name of flat sales and completed the corresponding registrations. Subsequent complaints prompted a police investigation, revealing that funds were diverted from the project’s bank account to three of Tanna’s personal bank accounts, misappropriated for personal use.

An EOW official disclosed that a written complaint triggered a preliminary investigation, leading to the discovery of evidence in the case. Consequently, an FIR was filed against Tanna, who already faced multiple fraud charges. Currently in judicial custody, Tanna was arrested with court permission.

Court remanded Tanna to Police custody

During a court appearance on Sunday, the EOW officer informed the court that Tanna accepted money from complainants, providing them with receipts and allotment letters for flat purchases. Assurances were made that the building would be ready by 2019, but construction was abruptly halted.

The court has remanded Tanna to police custody until December 22. Notably, he already faces nine cases in Mumbai and has been incarcerated for the past six to seven months.

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