A 60-year-old individual, Punamchand Sharma, the owner of Heera Jewellers located in Chembur East, has filed a complaint with the police, accusing Ashwin Jain, a money lender, of cheating him out of Rs. 1.28 crores.
Jain did not return shop documents despite repayment of loan
According to Sharma's statement to the RCF Police, Jain, who operates as a money lender and also runs an electronics shop opposite Sharma's jewelry store, had provided loans to Sharma in the past for his business needs. In March 2020, Sharma borrowed Rs. 90 lakhs from Jain with a 1% interest rate. In return, Jain requested Sharma to provide his shop's documents, assuring him they would be returned upon repayment. An agreement was made, notarised on a Rs. 100 stamp paper, and attached to the documents.
In July 2021, when Sharma went to repay the loan, Jain claimed a 2% interest rate due to overdue payments and demanded Rs. 1.28 crores. Sharma, fearing threats from Jain, managed to arrange the amount by September 2021 and repaid the loan. Despite the repayment, Jain did not return the original documents, offering only a photocopy.
Jain sold the shop to Bharsakde without informing Sharma
In June 2023, Sharma, planning to sell his shop, agreed to sell it to Jain for Rs. 4.11 crores. He received two cheques of Rs. 5 lakhs each as a token amount, made out to Nitin Bharsakde, owner of Dagdusheth Mumbaikar Farsan, according to Sharma. Jain explained that Nitin was financing him.
Later, Jain informed Sharma's son, Manish, that Bharsakde would transfer Rs. 11 lakhs to their account, which Jain wanted Manish to send back. After making inquiries, Sharma discovered that Jain had actually sold the shop to Bharsakde for Rs. 4.63 crores, withholding this information from him.
Sharma approached the police on Saturday night and formally lodged a complaint against Jain. Police have charged Jain under sections 406 (criminal breach of trust), 420 (cheating), 465 (forgery), 468 (forgery for the purpose of cheating), 506 (criminal intimidation) of the Indian Penal Code, and relevant sections of the Maharashtra Money Lending (Regulation) Act. An investigation into the matter has been initiated.
