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Builder arrested for duping five flat buyers of Rs 10 crore, Real Estate News, ET RealEstate

Builder arrested for duping five flat buyers of Rs 10 crore, Real Estate News, ET RealEstate
MUMBAI: The EOW of Mumbai police arrested builder Jayesh Shah (59) for allegedly duping five flat buyers of Rs 10 crore. Shah was arrested on charges of cheating, forgery, breach of trust and under Maharashtra Ownership of Flats. Shah has been sent to police custody.

The police said Shah was already lodged at Arthur Road jail in another cheating case. Based on the fresh complaint, the police took Shah’s custody from Arthur Road jail last Thursday.

The fresh complaint was lodged by Avadh Shah who said that he, and four others, had booked flats in a housing project at Oshiwara. While Avadh had paid Rs 98.39 lakh, the others paid a total sum of Rs 8.48 crore. He said they were supposed to get possession of their flats in 2012 but even after a decade, the housing project has been incomplete and they still haven’t got possession.

Avadh told the police they were shocked to learn that the builder did not have all permissions required from the BMC. Yet, the builder had constructed an 18- storey tower though he had permission to construct only 17 floors. Also, the builder had taken bookings of flats up to the 27th floor.

The police said that the builder had diverted the funds that had been collected from flat purchasers in another project.

Gaurav Legend Owner Welfare Association, a group of 190 members from Andheri, have approached Amboli police station to lodge a fresh FIR of cheating and forgery.


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