Mumbai: The Bandra police have registered an FIR against developer Niraj Kakad, his wife Divya, sons Sahil and Samarth, broker Rajesh Makhiya, and manager Vikas Kadam for allegedly cheating a homemaker of Rs 45 lakh under the pretext of an investment in a residential project. The FIR stated that Kakad and his associates have similarly cheated several people by luring them with attractive real estate investment schemes.
Complainant’s Father Initially Invested in 2015
The FPJ has a copy of the FIR, which states that the complainant, Sakina Fakhi, 40, a homemaker residing in Santacruz East, and her husband, Shyamdev Kumar, 44, is in the advertisement business. Her parents, Durraiya and Amir Fakhi, passed away in 2020, leaving her the lone legal heir. Niraj Kakad runs a real estate company named 'Niraj Kakad construction private limited', with an office located in Bandra West.
She alleged in the complaint that in 2015 her father, Amir Fakhi, had lent Rs 10 lakh to Niraj Kakad. Initially, Kakad paid regular interest, thereby gaining the trust of the Fakhi family. Later, Kakad persuaded Amir to invest Rs 45 lakh in his Bandra West project, promising 1.60% monthly interest on the investment.
MoU Promised Flat if Payments Defaulted
In May 2015, a Memorandum of Understanding (MoU) was signed, which stated that if Kakad failed to pay the promised interest until 2018, he would hand over a flat to Amir in his Bandra West project. However, Kakad allegedly stopped paying interest after November 2015 and issued cheques that later bounced. Despite repeated demands, he did not return the money, the complainant stated. The FPJ contacted the developer for his version but he did provide it till the time of going to press.
Legal Battle and Family’s Financial Distress
In 2018, Amir Fakhi filed a petition against Kakad and his company, Niraj Kakad Construction Pvt. Ltd., in the City Civil and Session Court, Dindoshi. According to Sakina, her father’s last years were spent in financial and emotional distress, forcing him to mortgage his home.
After Amir died in 2020, Sakina continued the legal battle but eventually ran out of money to pursue the case, which is still pending disposal. She alleged that when she asked Kakad to return her father’s money, he not only refused but also threatened to implicate her husband in a false rape case.
The FIR further states that Kakad, along with his wife, sons, broker, and manager, lured several people with promises of high returns and defrauded them. Several similar complaints have already been registered against him.
Police Invoke IPC and MPID Act
Based on Sakina’s complaint, the Bandra police on August 3, booked the accused under IPC sections 420 (cheating), 406 (criminal breach of trust), 120-B (criminal conspiracy), along with sections 3 (fraudulent default by Financial Establishment) and 4 (attachment of properties on default of return of deposits) of the Maharashtra Protection of Interest of Depositors (MPID) Act.
Similar Cheating Complaints Already Filed
In a separate case, on November 5, 2024, the Bandra police also registered an FIR against Niraj Kakad for allegedly cheating Parmeshwar Mate, 67 and his son Swapnil, 38, a sports physiotherapist from Kalyan East. Mate had paid Rs 10 lakh as a deposit for a clinic flat in Bandra West. Swapnil transferred the amount after agreeing to a monthly rent of Rs 1.25 lakh at the end of 2023.
Kakad issued a receipt, and Swapnil began furniture work with his consent. However, the very next day, they found the flat occupied by another tenant. Kakad refused to lease the property and refunded only Rs 2 lakh, withholding the remaining Rs.8 lakh despite repeated assurances for over a year.
Earlier media reports also mention multiple complaints against Kakad. In 2019, Bandra-based businessman Deepak Teckchandani filed a cheque-bouncing case after lending Kakad Rs 1 crore in 2015, for which Kakad had promised monthly interest but defaulted.
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Similarly, in 2018, businessman Taro Vazirani accused Kakad of failing to repay a friendly loan of Rs 20 lakh taken in March 2015. A cheque issued to Vazirani in May 2017 bounced, with the bank stating that the account was closed. The FPJ contacted the developer for his version but he did provide it till the time of going to press.
