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Real estate firm booked for cheating, criminal conspiracy over ₹1 cr loan dispute
In February 2024, the complainant found that the pledged flat had been sold to a third party without his knowledge. When confronted, the accused allegedly promised to provide another flat, which was also later sold to someone else
Chatushrungi police have registered a case against four individuals associated with a prominent real estate firm in Pune, following allegations of cheating and breach of trust in a ₹1-crore loan transaction.
The complaint was filed on August 12 by 69-year-old Rajeev Damodar Ambekar, a resident of Model Colony and director of Open Spaces Private Limited, a construction company operating since 2011.
In the FIR, Ambekar has alleged that four representatives of a real estate firm had approached him in 2021, seeking a loan of ₹1 crore for a residential project. The men claimed they were facing difficulties securing a bank loan and assured Ambekar of a 16% return on the loan over a three-month period, amounting to ₹4 lakh in interest.
To secure the loan, the accused pledged flat number 201 in their upcoming project at Shivajinagar, and assured that the property would be registered in Ambekar’s name.
On March 3, 2021, Ambekar transferred ₹1 crore via RTGS to the firm from his bank account. On March 26, a notarised agreement was executed confirming the loan, interest payable, and flat pledge. An agreement to sell was signed the next day.
The repayment was due by June 2, 2021. While a promissory note was issued on August 30, 2021, the accused have reportedly repaid only ₹54.05 lakh so far.
In February 2024, Ambekar found that the pledged flat had been sold to a third party without his knowledge. When confronted, the accused allegedly promised to provide another flat, which was also later sold to someone else.
Ambekar claims that he has suffered a financial loss of ₹98.95 lakh and that the accused acted in criminal conspiracy, misrepresented facts, and breached the terms of the agreement.
The Chatushrungi police have registered an FIR against the four accused under sections Section 318 (cheating), Section 316 (criminal breach of trust), and Section 3(5) (criminal conspiracy) of the Bharatiya Nyaya Sanhita. The matter is currently under investigation.
