Mumbai EOW Files 60 Crore Fraud Case Against Builder Over Alleged Flats-for-Investment Scam

The Mumbai Economic Offences Wing (EOW) has lodged a case of fraud amounting to 60 crore against a builder operating in South Mumbai. The builder stands accused of enticing a real estate investor with the promise of 12 flats in an under-construction building in exchange for financial investment. However, the investor alleges that despite fulfilling their end of the agreement, the builder reneged on their promise and subsequently sold the flats to another party. 

Naresh Kesrimal Mehta(55)  has filed an FIR with the Economic Offenses Wing (EOW) in Mumbai for a fraud of 60 crore rupees. In this case, Pawan Kumar Chandan, Shrenik Chandan, Rajendra Dahiya, and Vijay Kumar Sanghvi have been accused of fraud and forgery. Pawan Kumar Chandan owns a real estate business named 'Build Wild Developers'. In this firm, Chandan Kumar's son, Shrenik Chandan, is his partner, but the company's operations are managed by Rajendra Dahiya.

In 2006 and 2007, Pawan Kumar and Rajendra Dahiya launched a project called Chandan Heights in Girgaon. They didn't have the money to start the project, so they asked Pawan Kumar for 3.40 crore rupees as financial assistance and promised to give him the responsibility of selling all the flats in the building. As a result, the complainant Naresh Mehta borrowed Rs 2.40 crore rupees from his relatives and 1 crore rupees from a person named Kantilal Shah, totalling 3.40 crore rupees, and invested it in the Chandan Heights project. In return, it was agreed that Mehta would receive 8 flats.

When the project started, Pawan Kumar began selling some flats in 2009 and 2010. When the complainant inquired about this, Pawan Kumar retorted, saying, "It's my building, I will sell the flats." After that, the dispute with Pawan Kumar escalated.

On March 28, 2013, Bholaram Bhagchand Bishnoi took the complainant to Pawan Kumar's office to negotiate a settlement. At that time, Pawan Kumar, his son Shrenik, and Raju Dahiya were all present. A consent agreement was made and signed in front of everyone, which mentioned the allocation of a total of 12 flats. However, by 2022-23, the building was completed, but the aforementioned four accused sold all the flats, causing a loss of 60 crores to the complainant.

When the complainant learned that the accused had sold all the flats in the building, he filed a written complaint with the EOW. The EOW conducted a preliminary investigation and subsequently registered an FIR under IPC sections 420, 465, 467, 468, 471, and 120(b). The EOW has filed the FIR against Pawan Kumar, Chandan, Shrenik Kumar Chandan, Rajendra Dahiya, and Vijay Kumar Sanghvi.

An officer from the Economic Offences Wing (EOW) stated that according to the consent agreement made with the complainant, the complainant was also assigned a flat number, and all these flats were to be constructed on the 22nd floor.