Sanghvi, arrested on Monday by a special investigating team (SIT) of the EOW, was on Saturday produced before the holiday court. His judicial custody will be till January 7. During the course of investigations, the police had summoned Sanghvi’s chartered accountant, who was asked to produce documents including Sanghvi and his firm’s balance sheet, bank statement, transaction invoices, and income tax returns.
“While reviewing the documents, the accused informed us that the money received from Kamla Landmarc was transferred to the firm PB Lifestyle. He then allegedly invested money in four different companies in which he suffered huge losses,” said an officer. The police said that in all, five offences are registered against Sanghvi. He has been charge-sheeted in two; three are pending, said the police.
The fresh case pertains to a complaint by Sujal Developers, who had purchased three flats in 2013 at Turner Road from Kamla Infra and Kamla Landmarc Properties, both companies belonging to the Kamla Landmarc Group.
On Jain’s request, the complainant rented out the three flats to Alumbra and Metalica Pvt Ltd. Though the flats were on rent, without the complainant’s knowledge, Jain, Sanghvi and a few others sold these to a third party and caused an alleged loss of over Rs 13.7 crore.
“At the time of purchase, Jain had offered the complainant handsome rents for these units. A 11-month leave and license agreement for three units was signed between the complainant and Jain’s sister companies, Alumbra and Metallica,” said an officer.