Borivali Builder Booked for ₹37.90 Lakh Real Estate Investment Scam
A Borivali-based builder has been booked by the Dadar Police for allegedly cheating a share market trader of ₹37.9 lakh in a bogus real estate project. The case highlights the dangers of investing in unverified projects and the importance of due diligence.
Real EstateInvestment ScamDadar PoliceFraudBorivaliReal EstateAug 28, 2025
The Dadar Police have registered a case against a Borivali-based builder, Arvind Parshuram Parab, 60, for allegedly cheating a share market trader of Rs 37.90 lakh under the pretext of investment in a real estate project and promising commercial shops in return.
Complainant Invests ₹37.5 Lakh After MoU Signed
According to the FIR, the complainant, Jitesh Banwari Bhargav, 43, a resident of Panch Amrut near Yari Road, Versova, Andheri (West), is a stock market trader. Parab, known to Bhargav’s father, owns a construction firm named A.P. Developers and resides in Borivali.
Project Stalls, Builder Collects More Money
In April 2024, Parab invited Jitesh and his father Banwari to his office located at Laxmi Commercial Shopping, Senapati Bapat Marg, Dadar (West). He claimed to be starting a commercial building project in Borivali and sought Rs 40 lakh as investment, promising 12 shops in the proposed project. An MoU was signed on April 15, 2024.
Following this, Jitesh transferred Rs 37.50 lakh via RTGS from his HDFC Bank account to Parab’s IDBI Bank account. Parab had assured that if the project didn’t start within three months, he would return the money with interest or hand over his Dadar office to Jitesh.
However, the project did not commence, and Parab later took an additional Rs 8 lakh from Jitesh. When Jitesh inquired about the delay, Parab claimed he would sell his Dadar office instead and signed another MoU on July 15, 2024, quoting a sale price of Rs 1 crore.
Parab also collected Rs 90,000 for old stamp duty and Rs 1.5 lakh to clear alleged maintenance dues with the Laxmi Commercial Premises Society.
Fraud Exposed As Office Already Sold
In March 2025, Parab even prepared an Agreement for Sale for the Dadar office, but never appeared for registration. Suspecting foul play, Jitesh conducted an online search and discovered that Parab had already sold the same office to a person named Shyamsundar Gupta on February 13, 2025.
When confronted, Parab issued cheques amounting to Rs 47.50 lakh, but they bounced as the account was blocked. Following a legal notice sent by Jitesh, Parab’s son, Devdutt Parab, returned Rs 10 lakh. However, the remaining amount was never paid.
Dadar Police Register Case, Probe On
Subsequently, Jitesh lodged a formal complaint with Dadar Police Station. A case has been registered under sections 318(4) of the Bharatiya Nyaya Sanhita (BNS) Act. The investigation is currently underway.
This case serves as a stark reminder for investors to conduct thorough due diligence before making substantial investments, especially in real estate projects. It highlights the importance of verifying the credentials and past performance of builders and developers to avoid falling victim to such scams.
Frequently Asked Questions
What is the amount of money the builder allegedly cheated the trader for?
The builder allegedly cheated the trader for ₹37.90 lakh.
Who is the complainant in this case?
The complainant is Jitesh Banwari Bhargav, a 43-year-old stock market trader.
What did the builder promise in exchange for the investment?
The builder promised 12 shops in the proposed real estate project.
What did the complainant discover about the Dadar office?
The complainant discovered that the Dadar office had already been sold to someone else.
What action did the Dadar Police take?
The Dadar Police registered a case against the builder under sections 318(4) of the Bharatiya Nyaya Sanhita (BNS) Act.
Related News Articles
Sunteck Realty Reports Net Profit of Rs 101.33 Crore in Q4 FY24
Sunteck Realty's net consolidated total income stood at Rs 434.99 crore in Q4 FY24
Due Process Must be Followed by Trademark Registrars in Examining Cases
The Mumbai High Court has ordered the Trademark Registry to re-examine a case involving the transfer of ownership of two trademarks, highlighting the importance of following due process in such cases.
Prestige Estates to Launch 43 New Real Estate Projects Across 7 Cities
The company has a total land bank of 260 acres across Bengaluru, Mangaluru, Mysuru, and Pune.
Pune Real Estate Firm Falls Victim to Rs 24 Lakh Cyber Fraud
An employee from the accounts department of a Pune-based real estate firm was tricked into transferring Rs 24 lakh to fraudulent accounts after receiving a message from someone posing as the company director’s father. The incident highlights the increasin
How REITs and Fractional Ownership are Reshaping the Real Estate Market
With minimum investment thresholds ranging from Rs 10-25 lakh, retail investors now have the opportunity to participate in the real estate market with limited capital.
Bombay High Court Allows Adani Electricity to Cut 209 Mangroves for Infrastructure Project
The Bombay High Court has issued a ruling permitting Adani Electricity Mumbai Infra Ltd. (AEMIL) to cut down 209 mangroves near Vasai Creek for a critical infrastructure project.