Mumbai Builder Booked for ₹37.90 Lakh Real Estate Investment Scam

The Dadar Police have registered a case against a Borivali-based builder for allegedly cheating a share market trader of ₹37.90 lakh in a bogus real estate project.

Real EstateFraudScamInvestmentMumbai PoliceReal Estate PuneAug 29, 2025

Mumbai Builder Booked for ₹37.90 Lakh Real Estate Investment Scam
Real Estate Pune:Mumbai: 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.

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.

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.

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.

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.

Frequently Asked Questions

Who is the complainant in this case?

The complainant is Jitesh Banwari Bhargav, a 43-year-old share market trader from Versova, Andheri (West).

What amount was the complainant defrauded of?

Jitesh Banwari Bhargav was defrauded of Rs 37.90 lakh by Arvind Parshuram Parab.

What was the builder's promise to the complainant?

Arvind Parshuram Parab promised Jitesh Banwari Bhargav 12 commercial shops in a proposed real estate project in Borivali.

What happened when the project did not start?

When the project did not start, Parab claimed he would sell his Dadar office instead and signed another MoU for the sale.

What action has the Dadar Police taken?

The Dadar Police have registered a case under sections 318(4) of the Bharatiya Nyaya Sanhita (BNS) Act, and the investigation is currently underway.

Related News Articles

Boosting India's Housing Market: Developers Seek Tax Incentives and Industry Status in Budget 2024
real estate news

Boosting India's Housing Market: Developers Seek Tax Incentives and Industry Status in Budget 2024

The Indian housing sector is looking forward to the Union Budget 2024, expecting tax reliefs and other sentiment boosters to stimulate growth in the market.

June 20, 2024
Read Article
Kalpataru Ltd Set to Enter Nagpur Real Estate Market with Plotted Development Project
Real Estate Maharashtra

Kalpataru Ltd Set to Enter Nagpur Real Estate Market with Plotted Development Project

Mumbai-based Kalpataru Ltd plans to launch a plotted development project in Nagpur, marking its entry into the city's real estate market. The project will be spread across 37 acres and will have 400 plots of sizes 1,200 to 4,000 sq ft range.

September 3, 2024
Read Article
Hong Kong Halts Commercial Land Sales for Seventh Consecutive Quarter
Real Estate

Hong Kong Halts Commercial Land Sales for Seventh Consecutive Quarter

Hong Kong's government has announced that it will not sell any commercial land in the quarter from October to December, citing low demand and high office vacancy rates.

October 4, 2024
Read Article
Homebuyers Forum Claims RERA Act Falls Short of Objectives, Urges Consumer Affairs Ministry for Action
Real Estate Mumbai

Homebuyers Forum Claims RERA Act Falls Short of Objectives, Urges Consumer Affairs Ministry for Action

A forum representing homebuyers in Maharashtra claims that the Real Estate (Regulation and Development) Act, 2016, has failed to meet its objectives. The forum is now urging the Union Consumer Affairs Ministry to issue specific guidelines to protect consu

October 22, 2024
Read Article
Ahmedabad Shines with Top Rental Yields in India
Real Estate Pune

Ahmedabad Shines with Top Rental Yields in India

Ahmedabad leads the pack with the highest rental yields in India, clocking in at 3.9%, according to a recent report by Magicbricks. Other cities like Hyderabad, Kolkata, and Pune are also seeing significant increases in rental returns.

November 27, 2024
Read Article
Incuspaze Expands with Major Leasing Deal in Gurugram's Thriving Real Estate Market
Real Estate Mumbai

Incuspaze Expands with Major Leasing Deal in Gurugram's Thriving Real Estate Market

Incuspaze, a prominent player in the commercial real estate sector, has announced a significant leasing deal in Gurugram, marking a major expansion in one of India’s most booming real estate markets. This move underscores the growing demand for quality of

December 15, 2024
Read Article