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
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.
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