Four real estate company directors are accused of defrauding a businessman out of Rs.12 crore

By Bricksnwall | 2024-02-08

Yusuf Saidi, 52, the complainant in the case, allegedly informed police that he first became acquainted with the accused Shanklesha Constructions directors, Manish Mutha, 40, Vijay Sharma, 35, Sharat Chhanjed, 42, and Bhushan Jain, 39, in 2015.

Four directors of a real estate company have been charged by Mumbai Police Economic Offences Wing (EOW) officials for allegedly defrauding a garment importer located in Mazgaon out of Rs 12 crore by purporting to be selling flats in a Shahad, Kalyan housing project.

Yusuf Saidi, 52, the complainant in the case, allegedly informed police that he first became acquainted with the accused Shanklesha Constructions directors, Manish Mutha, 40, Vijay Sharma, 35, Sharat Chhanjed, 42, and Bhushan Jain, 39, in 2015.

The four allegedly agreed to sign a Memorandum of Understanding (MoU) in exchange for Saidi giving them Rs 15 crore. The MoU stated that he would receive 44 apartments in exchange for the cash. But the accused betrayed confidence by giving over just 10 apartments totaling Rs 2.96 crore. The FIR claimed that they forced him to lose Rs 12.03 crore by selling the remaining 34 properties to other house buyers.

Then Saidi went up to the police. Byculla police filed a case on Tuesday in accordance with sections 420, 406, and 34 of the Indian Penal Code. The probe was then taken over by the EOW.

Source: Indian Express