MUMBAI: Two directors of a real estate company have been charged with cheating a developer of approximately ₹5 crore under the guise of investment in a Slum Rehabilitation Authority (SRA) project in Malad, as reported by a police official on Friday.
A representative from the Kasturba Marg police station stated that a case has been filed against Mansukh Shah and Akash Mansukh Shah, directors of Shah Housecon Private Limited. The case has since been handed over to the Economic Offences Wing (EOW) for further investigation.
Real estate developer Nilesh Narendra Raghani lodged a complaint claiming he was introduced to the duo in March of the previous year. They provided him with details about the Khothodongri SRA Society redevelopment project on Rani Sati Marg in Malad and convinced him to invest.
“The agreement stipulated that construction would take place on a 5,600 square metre land parcel. Raghani’s company was to cover all construction expenses while the Shah-led firm would handle obtaining necessary permits and relocating tenants. In return, Raghani’s firm was promised a fixed sale component from the project,” the official said, referencing Raghani’s complaint.
“Trusting their proposal, Raghani transferred ₹5.15 crore to the accused between May and July last year. However, even three months post-agreement, the accused allegedly failed to vacate the slum structures or finalize the project title. Raghani later found out that the land’s ownership belonged to a charitable trust, not the accused’s firm,” he added.
Following his complaint, the two individuals were charged, the official confirmed.
