Two developers booked for duping investor of ₹25.19 crore

According to the police, the accused had accepted money from the businessman as investment for a slum rehabilitation project in Sion, promising him 20 per cent of constructed area. The accused, however, neither gave him what was promised nor repaid the investment amount

Mumbai The Economic Offences Wing (EOW) of Mumbai police on Friday booked two directors of a construction company for allegedly duping a 54-year-old Vile Parle resident to the tune of ₹25.19 crore.

Two developers booked for duping investor of ₹25.19 crore

According to the police, the accused had accepted money from the businessman as investment for a slum rehabilitation project in Sion, promising him 20 per cent of constructed area. The accused, however, neither gave him what was promised nor repaid the investment amount.

The complainant, Atul Patel, who himself was a veteran in construction business, filed the complaint against Ashit Doshi, 52, and Manish Shah, 58 - directors of Zeus Housing and Construction Limited.

As per Patel’s complaint, in 2016 the accused had approached him seeking investment for a slum rehabilitation project in Sion Koliwada. They also promised him 20 per cent of the constructed area in the project. Accordingly, Patel invested money in the project. However, after a few years Patel discovered that the accused had sold off flats from the sellable building keeping him in the dark and had also issued allotment letters to some flat buyers without keeping him in the loop.

Shah did not bother to return the borrowed gold, but on the other hand, allegedly sold the two mortgaged flats to one Mahendra Shah without complainant’s knowledge, the EOW added.

Based on Patel’s complaint, an FIR was registered at the Sion police station against Doshi and Shah under sections 409 (criminal breach of trust by public servant, or by banker, merchant or agent), 420 (cheating and dishonestly inducing delivery of property) and 34 (common intention) of the Indian Penal Code.

The case was later transferred to the EOW for investigation. Senior inspector Sanjay Kate of Housing-2 unit of EOW is supervising the investigation. No arrests has been made in the case as yet, an EOW officer said.