A Matunga-based businessman and his two relatives have lodged an FIR against two housing developers and four companies, alleging that the developers have defrauded them of ₹12.51 crore in the name of giving a good interest rate of 12 per cent.
Bipin Savla, the complainant, first met the two developers in 2001 through a business event. Later in 2013, both the developers told Savla about their ongoing housing projects in the areas of Bhandup and Vikhroli. The accused then lured Savla into investing in some flats in their project at a good interest rate of 12 per cent. Savla was also informed that the project was being carried out by four reputed companies. Impressed by that, he readily agreed to invest in the project. While making a payment, Savla had requested the accused developers to prepare documents. However, the accused duo said that they would make the documents after getting all the permits, and asked for money in advance citing a lack of funds for the project.
Following that, Savla along with his relative bought flats in the housing project. The complainants have alleged to have transferred ₹9 crore 85 lakh, and ₹1 crore respectively, to the accounts of the accused businessmen and the companies. Savla was then assured that the project would be completed by 2016, but that never happened. Later, Savla and his relatives approached the developers, and the accused eventually agreed to sign a Memorandum of Understanding (MoU) with them, assuring them that the housing projects would be completed by June 2018. However, the two developers again ended up violating promises made in the MoU. The project work was not completed even in the year 2018, and when Savla tried to reach out to the developers, they started to avoid him.
A case has hence been registered against the two developers and the four companies, for luring the complainants and committing a fraud of ₹12.51 crore, at the Bhoiwada Police station. The police are currently investigating the matter.
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