Builder among 7 booked for cheating Anchor Group of ₹5.1 crore

As per the complainant, Mehul Shah, director of Anchor Group, representatives of Krushmi Developers approached him to invest ₹52 crore in their under-construction projects. Later, however, some problems arose regarding the partnership and Shah approached the Economic Offences Wing (EOW) first and then the court

Mumbai: Seven persons, including a builder, were booked for allegedly cheating Anchor Group to the tune of ₹5.1 crore. Anchor Group and Krushmi Developers partnered in 2010 for a real estate project in Thane and Andheri.

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As per the complainant, Mehul Shah, director of Anchor Group, representatives of Krushmi Developers approached him to invest ₹52 crore in their under-construction projects. Later, however, some problems arose regarding the partnership and Shah approached the Economic Offences Wing (EOW) first and then the court.

“As a resolution of these cases, Shah was given complete ownership of the project in Andheri East. The other party was given monetary compensation to give up their ownership rights. Despite this, some of the old owners sold off five shops that they had built in the space without their knowledge or consent,” said an officer from MIDC Police Station.

He added that in the entire transaction, not only did the previous partners and owners in the project cheat Shah, but they also disregarded several rules of the Maharashtra Industrial Development Corporation (MIDC).

“We are looking at the documents of the various deals made with the people who had bought the shops. We have also asked for expert opinions from the board of MIDC in matters where their regulations have been not followed,” said the officer.

The seven accused were booked on Thursday under sections 420 (cheating) and 409 (criminal breach of trust with respect to property) of the Indian Penal Code.