The housing fraud unit of economic offences wing (EOW) has registered a cheating complaint against two developers who allegedly accepted ₹12.50 crore from a Matunga-based businessman Bipin Savla, 58, and his two relatives under the pretext of selling them seven flats in their housing projects in Wadala and Bhandup. However, they were neither given possession nor their money was returned.
Bipin Savla, 58, who is into share market trading, in his complaint (HT has a copy), has alleged that developers Kashyap Mehta and Atul Bharani in 2013 lured him and his two relatives into investing money in their housing projects in Wadala and Bhandup by buying flats offering returns on 12% interest rate.
Mehta and Bharani are directors of Sunshine Housing Pvt. Ltd., Mayurpankh Fine Builders Pvt Ltd., Sunshine Trecon Pvt. Ltd and Sunshine Housing and Infrastructure Pvt. Ltd. and the FIR names the two and their four companies as accused, the police said.
Savla stated in the complaint that he and his two relatives since 2013 have invested total ₹12.51 crores for buying seven flats in Mehta and Bharani’s housing projects in Wadala and Bhandup. However, the two did not deliver the flats by the year 2016, as promised. When the complainants approached them, they agreed to sign a memorandum of understanding (MoU) with them assuring them that the housing projects would be completed by June 2018, however, the two again ended up violating promises made in the MoU.
Savla alleged, “The accused had accepted more than 20% of the money for his three flats, but did not make the agreement for the registration of the flats, did not accept funds in an independent bank account and did not pay him after selling the flats in open market, as promised in the MoU, hence, flouted rules under Maharashtra Ownership of Flats Act (MOFA).” The complainant also alleged that the accused transferred one housing project in Bhandup in which he was to buy flats, to his partner’s name.
{{/usCountry}}Savla alleged, “The accused had accepted more than 20% of the money for his three flats, but did not make the agreement for the registration of the flats, did not accept funds in an independent bank account and did not pay him after selling the flats in open market, as promised in the MoU, hence, flouted rules under Maharashtra Ownership of Flats Act (MOFA).” The complainant also alleged that the accused transferred one housing project in Bhandup in which he was to buy flats, to his partner’s name.
{{/usCountry}}“The accused had accepted money from home buyers with pure intention of cheating,” Savla said.
EOW officials were conducting a preliminary enquiry on Savla’s complaint for over a year’s time. “After finding material in the complaint in a preliminary enquiry an FIR has been registered at the Bhoiwada police station against Kashyap Mehta and Atul Bharani and their four companies under sections 409, 420 and 34 of Indian Penal Code and 13, 14, 3, 5 and 8 of MOFA,” said an EOW officer requesting anonymity.
When contacted Kashyap Mehta he said he is no longer part of the Sunshine group and has nothing to do with the alleged fraud. Bharani was unable for comment.
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