Pune Crime: Mumbai Based Businessman Defrauded of Crores in Mall Investment Scam

Pune: Major fraud case has came to light, in which a Mumbai-based hotelier was cheated of crores of rupees under the guise of investment. According to reports, fraudster cheated victim under guise of  investment in the 'East Court Phoenix Market City' mall project in Viman Nagar. According to reports, a fraud case has been registered by victim Kishore Balram Nichani (65), a resident of Juhu, Mumbai, who has been in the restaurant business since 2012.  Based on his complaint, a case of fraud has been registered against 10 people, including Atul Ashok Ruiya, Gayatri Atul Ruiya, Shishir Srivastava, Amit Sathe, Rajiv Malla, Dipesh Gandhi, Saurabh Sinha, Amit Kumar, Gaurav Sharma, and Ashish Patel.

According to the police, victim owns two restaurants on Juhu-Tara Road and had decided to open a premium restaurant in a Pune mall to expand his business. After becoming acquainted with Amit Sathe, he was lured with the promise that the 'East Court Phoenix Market City' project being built in Viman Nagar would feature international brands and luxury restaurants. Nichani was persuaded to invest by being shown the prospect of huge profits.

An agreement was made to purchase units 1-10 on the mall's second floor, totaling 2,643 square feet of carpet area. A token payment of Rs. 11 lakh was made on November 8, 2012, followed by registered sale agreements in 2012 and 2013, completing the full payment of Rs. 3,85,53,875. Post-possession, an architect found a deficit of 193 square feet. The promised Terrace-1, Terrace-2, and a 15-year lease agreement were also not provided. Moreover, the developers allegedly overcharged approximately Rs. 47 lakh for maintenance and common area charges without a completion certificate.

Additional irregularities include deviations from the approved construction plan, failure to register the society, and failure to execute the conveyance deed. A complaint has been filed against ten individuals, including Phoenix Mills Limited, Vamona Developers Pvt. Ltd., Atul Ruia, and Gayatri Ruia. Nichani alleges that this fraud resulted in a total financial loss of approximately Rs. 25 crore. Assistant Police Inspector Mane is currently investigating.