Nagpur Builder and Mother Arrested for Defrauding Investor of Rs 3.05 Crore in Real Estate Scheme

Nagpur: A young investor from Nagpur has accused the family of a city-based builder of defrauding him of over Rs 3.05 crore by luring him into a bogus investment scheme in real estate projects. Bajaj Nagar Police have registered a case of cheating against two individuals, Swati Naik and her son Akshat Ashutosh Naik, based on a complaint lodged by Prem Prakash Bhoyar (24), a resident of Abhinav Colony, Rajinagar on Wardha Road.

The complaint alleges that the accused promised high returns for investing in their construction ventures, only to betray the trust of the complainant and misappropriate the funds. Notably, builder Ashutosh Naik had died under suspicious circumstances on July 23.

According to police sources, Swati Naik operates a firm named Shree Home Makers, while her son Akshat runs Akshat Ashutosh Naik and Associates. These firms had announced projects like Suyog Palace on Aath Rasta Road and Laxmi Keshav Apartment at RPTS Road. They later sought investment for new projects in Ajni and Mouza Parsodi, convincing Bhoyar to invest Rs 1.75 crore in July 2023 with the promise of receiving Rs 3.50 crore in return.

A formal agreement was signed at the time, and Bhoyar transferred Rs 1.50 crore to Shree Home Makers and Rs 25 lakh to Ashutosh Naik & Associates. However, both proposed projects failed to take off. To compensate, the accused allegedly promised to transfer a land parcel in Hingna to Bhoyar’s name, but instead, the land was sold off to a third party, one Raju Patel.

When Bhoyar demanded his money back, Swati Naik reportedly agreed to transfer a share in her Vasant Nagar residence. A legal agreement was signed on September 10, 2024, but even after that, neither property nor money was returned to him.

In a related fraud, Megha Vishal Chaudhary was also allegedly duped by the same accused. She had booked a flat in Yogiraj Towers and paid Rs 1.30 crore, but never received possession or a refund.

Bajaj Nagar Police are investigating both cases and have booked the mother-son duo under charges of cheating and criminal breach of trust.