Two directors of a real estate firm were booked for allegedly cheating a developer of nearly Rs. 5 crores under the pretext of investment in a Slum Rehabilitation Authority (SRA) project in Malad, a police official said on Friday.
The Kasturba Marg police station official said the case was registered against Mansukh Shah and Akash Mansukh Shah, directors of Shah Housecon Private Limited, adding the probe has now been transferred to the Economic Offences Wing (EOW).
Real estate developer Nilesh Narendra Raghani, in his complaint, claimed he was introduced to the duo in March last year, who presented details of the Khothodongri SRA Society redevelopment project located on Rani Sati Marg in Malad and persuaded him to invest.
"As per the agreement, construction was to be carried out on a 5,600 square metre plot. Raghani's company was to bear the entire construction cost, while the Shah-led firm was responsible for securing necessary permissions and relocating tenants. In return, Raghani's firm was to receive a fixed sale component area from the project," the official said citing the complaint.
"Trusting the proposal, Raghani transferred Rs. 5.15 crore to the accused between May and July last year. However, even three months after signing the agreement, the accused allegedly failed to vacate the slum structures or clear the project title. Later, Raghani discovered that the ownership of the plot did not rest with the accused's company but with a charitable trust," he added.
Based on his complaint, the duo was booked, the official said.
