Economic Offences Wing Cracks Down on Housing Fraud Cases Worth Rs 80 Crore
The EOW has registered two separate cases of housing fraud, involving 143 flat buyers who were allegedly duped of nearly Rs 80 crore by builders.
Housing FraudEconomic Offences WingMumbai PoliceZeus Housing And ConstructionSahajanand EnterprisesMnp AssociatesReal Estate NewsJul 18, 2024
In the first case, Ashit Doshi and Manish Shah of Zeus Housing and Construction, along with other directors of the company, sold four flats at Zeus Residency project in Sion, Antop Hill, to a Mahim resident for Rs 67.50 lakh. They collected payments from 75 buyers, amounting to Rs 66.80 crore between 2013 and 2024. The builders failed to complete the construction work within the stipulated time and allegedly misused the buyers' money for personal gains, defrauding the buyers.
In the second case, Jitendra Bhrahmbhatt alias Jitubhai Borat, director of Sahajanand Enterprises and MNP Associates, has been charged with deceiving 68 flat buyers of Rs 13.05 crore. In May 2006, Bhrahmbhatt collected payments from a 46-year-old businessman from Andheri (West) and 68 other individuals for flats in Prathmesh Phase-4 project in Andheri (West). The builders accepted over 20 per cent of each flat's total value and issued allotment letters but never registered the agreements.
EOW officials are gathering documents related to the sale of flats in both cases and are also reaching out to banks to obtain details of the accounts used by the builders to allegedly divert funds. The affected buyers are relieved that the EOW has taken up their cases, and they hope to get justice soon.
Information
The Maharashtra Ownership Flats Act is a law that protects the rights of flat buyers in the state. It was enacted to regulate the construction and sale of flats in Maharashtra. The law makes it mandatory for builders to register their projects with the authorities and provides safeguards for buyers in case of any disputes.
The Economic Offences Wing (EOW) is a specialized agency of the Mumbai police that investigates and prosecutes economic offenses. The EOW was established to tackle the growing number of economic crimes in the city.
Zeus Housing and Construction is a real estate company that operates in Mumbai. The company has been accused of cheating and breach of trust in the first case.
Sahajanand Enterprises and MNP Associates are real estate companies that operate in Mumbai. The companies have been accused of cheating and breach of trust in the second case.
Frequently Asked Questions
How many flat buyers were allegedly duped in the two cases?
143 flat buyers were allegedly duped in the two cases.
What is the total amount involved in the two cases?
The total amount involved in the two cases is nearly Rs 80 crore.
What is the name of the law that protects the rights of flat buyers in Maharashtra?
The Maharashtra Ownership Flats Act is the law that protects the rights of flat buyers in Maharashtra.
What is the name of the agency that investigates and prosecutes economic offenses in Mumbai?
The Economic Offences Wing (EOW) is the agency that investigates and prosecutes economic offenses in Mumbai.
How many companies are involved in the two cases?
Three companies are involved in the two cases - Zeus Housing and Construction, Sahajanand Enterprises, and MNP Associates.
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