Mumbai Real Estate Scandal: Builder Cheats Trader of ₹37.90 Lakh in Bogus Investment
Dadar Police have booked a Borivali-based builder for defrauding a share market trader of ₹37.90 lakh in a bogus real estate project.
MumbaiReal EstateFraudBuilderStock Market TraderReal Estate MumbaiAug 28, 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 ₹40 lakh as investment, promising 12 shops in the proposed project. An MoU was signed on April 15, 2024.
Following this, Jitesh transferred ₹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 ₹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 ₹1 crore. Parab also collected ₹90,000 for old stamp duty and ₹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 ₹47.50 lakh, but they bounced as the account was blocked. Following a legal notice sent by Jitesh, Parab’s son, Devdutt Parab, returned ₹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 real estate fraud case?
The complainant is Jitesh Banwari Bhargav, a 43-year-old stock market trader from Versova, Andheri (West).
What amount was Jitesh initially defrauded of?
Jitesh was initially defrauded of ₹37.50 lakh, which he transferred to the builder via RTGS.
What additional amounts did the builder collect from Jitesh?
The builder collected an additional ₹8 lakh, ₹90,000 for old stamp duty, and ₹1.5 lakh for maintenance dues.
What action did Jitesh take after discovering the fraud?
Jitesh lodged a formal complaint with Dadar Police Station, leading to the registration of a case against the builder.
What is the current status of the investigation?
The investigation is currently underway, and the case has been registered under sections 318(4) of the Bharatiya Nyaya Sanhita (BNS) Act.
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