Prominent Mumbai-based developer, Jayesh Tanna, has been arrested once again by the Economic Offences Wing (EOW) of the Mumbai Police. This arrest is part of a series of housing fraud cases that have embroiled Tanna in a complex legal web. The allegations against him are substantial, with accusations of cheating 28 homebuyers out of a staggering Rs 40 crore, and with this case, Tanna now faces a total of 10 FIRs, including three lodged by the EOW, as he navigates through this legal ordeal.
Goregaon Pearl Society Case
A report in the Indian Express mentioned that this specific case revolves around fraudulent activities linked to the Goregaon Pearl Cooperative Housing Society project in Sidharth Nagar, Mumbai. The issue came to light when members of the Goregaon Flat Buyers Welfare Association filed a complaint in October of this year. The complaint names several individuals, including directors of M/s Sai Siddhi Developers (SSD Ecstatic Pvt Ltd), specifically Jayesh Tanna, Deep Tanna, Vivek Jayesh Tanna, along with unidentified members of the Goregaon Pearl Cooperative Housing Society.
Allegations
According to the police complaint, Jayesh Tanna, in 2012, sold flats to 28 buyers, accumulating a substantial sum of Rs 40 crore from these transactions. To seal these deals, sale agreements were executed, in which Tanna committed to delivering the flats to the buyers by December 2023. However, despite the passage of time, the promised possession of these flats remains undelivered, sparking allegations of fund misappropriation. The complaint goes a step further by implicating 28 members of the Goregaon Pearl Cooperative Housing Society in the matter.
EOW's Investigations
EOW's initial investigations have shed light on disturbing findings. It is alleged that Tanna diverted the funds from homebuyers into his personal bank accounts for personal gain. Furthermore, he failed to honor his commitment to pay the premium price for the Floor Space Index (FSI) sanctioned on the project by the Maharashtra Housing and Area Development Authority (MHADA). This failure has resulted in the project remaining incomplete, much to the detriment of the homebuyers.
Arrest and Ongoing Legal Battle
To trace the trail of diverted funds, officials from EOW's housing unit-2 secured custody of Jayesh Tanna from Arthur Road Jail. Subsequently, following their findings, they placed him under arrest on a Saturday. Tanna's legal woes continue to mount, as he faces not only the three FIRs by the EOW but also five FIRs filed by Kandivali police station and two more by DN Nagar police station. It's essential to note that this latest arrest is merely the latest chapter in this ongoing legal saga, which began with Tanna's initial apprehension by the EOW in May of this year.
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