Bandra Police Register New FIR Against Developer Niraj Kakad for Alleged Fraud

Mumbai: The Bandra Police have registered a fresh FIR against developer Niraj Gunwant Kakad and his firm, M/s Niraj Kakad Constructions Private Limited, for allegedly cheating hotelier Shahid Shaukat Sarkar, 46, a Bandra (West) resident, of Rs9.3 crore through business loan and property deals. Kakad, also from Bandra (West), is currently out on bail in another cheating case.

Victim Sarkar Introduced to Kakad by Friend in 2013

According to the FIR filed on April 30, Sarkar was introduced to Kakad in 2013 by a friend, Vishal Msant. Kakad claimed to run real estate companies. In February 2014, he allegedly sought Rs8 crore as a short-term loan at 12% annual interest. Sarkar transferred the funds from his HDFC Bank account via multiple online transactions. In return, Kakad allegedly offered a flat in a proposed Bandra project as security and issued cheques and written acknowledgements.

Interest Paid Until 2015; Then Defaults Began

Interest payments were made until 2015 before defaults began. The principal was not repaid and property commitments were not honoured. In 2017, Kakad allegedly sought more funds, leading Sarkar to extend an additional Rs1.3 crore through cheques from Kotak Bank and IndusInd Bank, taking the total to Rs9.3 crore by December 2017.

Though several cheques and assurances were issued, none were honoured. Kakad allegedly offered flats in a redevelopment project as repayment security, but these were later found to be either mortgaged or under the Slum Rehabilitation Authority (SRA).

After prolonged follow-ups and legal notices, Sarkar approached the police in November 2025, resulting in the FIR. The case adds to multiple complaints against Kakad, including allegations of selling mortgaged properties to several buyers.