Investors, Buyers cheated by Mumbai Builder for worth Rs 30 Crore

Investors, Buyers cheated by Mumbai Builder for worth Rs 30 Crore

 

Mumbai: On Wednesday, Andheri police arrested Kirit Shah, a developer in Mumbai for a cheating case against a buyer and an investor. The fraud was worth Rs 30 Crore in which he sold flats in a building which he was supposed to construct at the Hansal residential complex in the year 2012. According to the police, Shah cheated against 19 buyers and did not return their money. The money which was gathered from the buyers was transferred to his wife’s and child’s account and that money was used to buy luxury items.

 

ND Reddy, Deputy Commissioner of Police said that he violated the mortgage deed he had with an investor in exchange of Rs 10 Crore. Ashok Mudra to whom he mortgaged the entire site said that in the year 2012 he paid the money to Shah and he was assured that he will get his house within next one year but, eventually he sold the flat which is against the norms.

 

In the year 2013, Mudra and other buyers went to Shah to know their home status but nothing happened as Shah registered a case against them saying that the buyers were threatening him.  This year in May a complaint was finally filed against Shah for forgery and Criminal breach of trust.

 

 

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