In a shocking case of alleged fraud, two developers have been accused of duping two investors by promising high returns on an investment in a construction project in Mazgaon. The investors, who entered a partnership with the developers, have reportedly lost approximately Rs 35 crore. BKC police have registered a case of fraud and misappropriation against developers Sanjay R. Chhabria and Rahul Shah. The investigation has been transferred to the Economic Offences Wing (EOW), and the accused are expected to be summoned for questioning, according to police sources.
The complaint was filed by Mahesh W. Mirani, a 67-year-old resident of Bandra. Mirani, who met Chhabria and Shah in February 2017, was introduced to their under-construction project, "Harbor Heights," in Mazgaon. According to Mirani, the developers claimed they needed financial assistance to complete the project and assured him of a profitable return on his investment. Following discussions, Mirani, along with his brother, decided to invest in the project through a partnership agreement, leading to the formation of a company named "Metro Investment Partnership."
As per the agreement, Mahesh Mirani invested around Rs 22 crore into the company’s bank account. The contract outlined that within two years, Mirani would receive returns totaling Rs 35 crore. However, two years later, the building construction remained incomplete, and the developers allegedly failed to return the invested amount along with the promised returns. Instead, it is claimed that Chhabria and Shah used the investment for personal gains, defrauding the Mirani brothers.
Realizing the deceit, the Mirani brothers began seeking the return of their funds, only to receive no response from the developers. Eventually, the brothers approached the Economic Offences Wing and filed a formal complaint. After verifying the complaint, BKC police registered a case of fraud against the accused. The EOW will continue the investigation into the case.