Mumbai, March 28: The Mahim Police have registered a case of alleged cheating worth Rs 2.52 crore against two directors of Siddhitek Developers Pvt. Ltd. and Siddhitek Homes Pvt. Ltd. for allegedly luring investors with false promises of flats in upcoming housing projects.
Accused and complainant details
The accused, Hemant Mohan Agarwal and Neha Hemant Agarwal, have been booked following a complaint by 70-year-old businessman Ashok Satramdas Bhagiya, a resident of Mogul Lane in Mahim West.
Investments made on promises of returns
According to the FIR, Bhagiya’s relatives Kishan Nevandram Jam and Ramesh Kanar were introduced to Hemant Agarwal in 2012 by Vijay Gangaramani. Agarwal allegedly promoted multiple real estate projects, including “Siddhi City” in Badlapur East, “Siddhi Yog” in Mahim, and “Siddhi Samarpak” in Dahisar, promising lucrative returns on investment.
Initially, Jam invested Rs 25 lakh in the Badlapur project and reportedly received good returns, which helped build confidence. Subsequently, Bhagiya, along with Jam, Kanar and other relatives, invested a total of Rs 2.52 crore between 2013 and 2014 through RTGS transfers and cheques from accounts in Kotak Mahindra Bank, ICICI Bank, HSBC Bank and Axis Bank.
Project fails to materialise
However, police said the Badlapur project never materialised, and the accused allegedly misused the funds while concealing the true status of the project.
Flat allocation dispute
In 2017, Agarwal allegedly proposed transferring the investment to another project, “Siddhi Yog” in Mahim West, and assured the allocation of Flat No. 1901 to the investors via email and written communication. Although construction of the building was completed in 2024, the accused allegedly failed to execute the sale agreement.
Fraud uncovered
The fraud came to light on June 6, 2025, when Bhagiya learned that the same flat had been sold to Suresh Ankush Naik and Santosh Ankush Naik, confirming their suspicions of being cheated.
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Earlier, on July 17, 2023, Jam had filed a complaint at the Mahim Police Station. During questioning, Agarwal allegedly claimed that the flat was still reserved for the complainants. The FIR further states that the accused later demanded an additional Rs 3.81 crore for the same flat while misleading the police.
Case registered, probe underway
A case has been registered under relevant sections of the Bharatiya Nyaya Sanhita (BNS), and further investigation is underway.
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