Broker booked for duping builder of ₹78.35 cr in land deal

Kongaon police filed a case against broker Ashish Shah for allegedly cheating developer Dilipkumar Jain out of ₹78.35 crore in a land deal.

MUMBAI: The Kongaon police have registered a case against a broker on Tuesday for allegedly duping a developer of ₹78.35 crore in a land deal in Bhiwandi.

Broker booked for duping builder of ₹78.35 cr in land deal

According to the police, Dilipkumar Fulchand Jain is a developer based in Byculla, with his office in Dapoda village, Bhiwandi. In 2006, Ashish Chandrakant Shah, a broker, promised to facilitate his purchase of 300 acres of land. However, he registered only 150 acres in Jain’s name and misused the remaining funds for personal gain. Over the next 18 years, till March this year, Shah collected ₹78.35 crore from Jain, who received half the land he was promised. Jain sought to resolve the matter, and the builder allegedly said he would return the money at one point but did not. He instead refused to cooperate and even resorted to issuing threats.

Jain alleged he has been facing prolonged harassment while in dispute with the broker since 2006 in his complaint filed with the Kongaon police station. On Tuesday, a case was registered against Shah under Sections 318 (cheating), 316 (criminal breach of trust), and 336 (forgery) of the Bharatiya Nyaya Sanhita.

The police have transferred the matter for investigation to the Economic Offence Wing of Thane police, which is led by senior police inspector Neelima Pawar.