MUMBAI: Neeraj Vora, the director of Aiko Builders Pvt Ltd, has been accused of defrauding a construction entrepreneur in Vasai of Rs 30 crore related to a real estate transaction concerning a plot in Mira Road. The Manikpur Police registered a First Information Report (FIR) against Vora on allegations of cheating and forgery.
The complainant, Akash Gupta, reported that in 2021, Vora approached him for funding to develop a two-acre parcel of land at Mira Road, promising allocation of 1 lakh sq ft at a price of Rs 2,970 per sq ft. Vora purportedly claimed to own the land and stated that the total investment needed for the project was Rs 30 crore.
Based on Vora’s assurances, Gupta signed a Memorandum of Understanding (MoU) on September 15, 2021. Between September 21 and September 29, 2021, Gupta transferred Rs 2.75 crore to Vora via multiple RTGS transactions. Following the transfers, Vora provided written acknowledgments, receipts, and documentation confirming receipt of the funds and issued 26 cheques totaling approximately Rs 31 crore as security for the agreement.
However, in January 2022, Vora informed Gupta that he had entered into a joint development agreement with another builder for the same land, yet reassured Gupta that the promised 1 lakh sq ft would still be allocated to him. Gupta claims that despite numerous follow-ups, Vora neither initiated development work nor transferred the land.
On January 15, 2023, a new agreement was purportedly executed, wherein Vora agreed either to allocate the land as promised or repurchase it at a higher rate of Rs 5,841 per sq ft, assuring significant returns. Despite this, Gupta alleges that only Rs 1.30 crore was returned, leaving Rs 30.16 crore unpaid. He also claimed that during this period, Vora dealt with the same land in favor of others while retaining his payments.
Believing that the funds were misappropriated for personal use and that Vora acted with dishonest intent, Gupta filed a formal complaint with the Manikpur police. An investigation is currently underway to scrutinize bank transactions, agreements, land records, and the role of Aiko Builders Pvt Ltd in this matter.
