Mumbai: In Mumbai, the Tilak Nagar police recently filed a case against the partners of Huges Real Estates Developers LLP for allegedly defrauding their business partner, Shreenathji Group, and misappropriating proceeds from the sale of a property in their joint venture, Tilak Green View Co-operative Housing Society. The partners are accused of misappropriating an amount totaling Rs 10 crores.
The FIR was lodged following a court directive based on a complaint by Shreenathji Developers, with whom the accused partners established a joint venture company, Huges Real Estates Developers Pvt. Ltd, engaged in the redevelopment of Tilak Green View Co-operative Housing Society since February 2010.
Rajesh Mehta, the promoter of Shreenathji Developers and later a partner in Huges Real Estate, alleged that their project encountered setbacks following the implementation of GST and demonetization. Consequently, in January 2018, the Mehtas sought additional finances from the accused to complete the project.
It is alleged that the accused partners agreed to provide the funds under the condition that they could manage the finances and complete the remaining project according to their terms. Subsequently, a supplementary agreement was signed between the two parties.
However, Mehta claimed that after signing the agreement, they were gradually sidelined from the project. He further alleged that the accused sold flats below the agreed value and obtained financing from the bank with a clause stipulating that in case of default, Mehta's share would be sold to recover the funds. Mehta asserted that he signed the agreement in good faith but was deceived.
Additionally, Mehta claimed that the remaining flats were sold by the accused without his consent, and he was not provided with any information regarding these transactions.
Despite approaching the Tilak Nagar police and Economic Offence Wing multiple times against the accused, no case was registered and no action was taken. Consequently, Mehta filed a complaint before the magistrate court.
On September 27, the Metropolitan Magistrate directed the Tilak Nagar police to register the case based on Mehta's complaint.
