Mumbai Senior Citizen Duped of Rs 1.3 Crore in Flat Investment Scam
A 66-year-old Mulund resident, Narayanan Shankar Iyer, has lodged a cheating complaint against a city-based construction firm and its partners for allegedly duping him and his family of Rs 1.3 crore. The FIR was registered with the Mulund police, who have booked Bharat Prajapati and Bhavit Seth, partners of Ms Marigold Constructions, under IPC section 420 for cheating.
According to the complaint, Iyer, who runs a coaching institute in Mulund, was lured into a fraudulent scheme in 2015 that promised lucrative returns. The accused approached him with an investment proposal and convinced him with false assurances. Trusting their words, Iyer and his family—his wife Rajalakshmi (64) and mother Jayalakshmi (89)—extended financial help of Rs 2.1 crore to Bharat Prajapati and Bhavin Sheth, partners of M/s Marigold Construction, after they sought urgent funds for their business.
However, the accused returned only Rs 87.5 lakh, leaving a balance of Rs 1.3 crore unpaid. In 2021, to settle the dues, the builders issued an allotment letter promising Flat No. 1001, 10th floor, ‘B' Wing, in their Marigold Miraaya project at Mulund (West), assuring possession within three months. Despite repeated follow-ups, no registered agreement or possession was given. The complainant alleged that the allotment was issued fraudulently to gain trust, without any intention to deliver the flat.
Iyer alleged that the accused later stopped responding to his calls and messages. Police said the accused avoided repaying the money or handing over the property, thereby cheating the family. The police are currently looking for the accused to bring them to justice.
This incident highlights the importance of due diligence and caution when entering into financial agreements, especially for senior citizens who may be more vulnerable to such scams. It is crucial for individuals to verify the credentials and track record of any company or individual before making any financial commitments.
