Pune Developer Booked for Alleged INR 50 Crore Fraud Involving 150 Buyers

A Pune-based real estate developer has come under police scrutiny after being booked in an alleged cheating case involving more than 150 flat and shop buyers who claim to have been defrauded of nearly INR 50 crore. The case centres on a residential-commercial project in the Kesnand area near Pune, where purchasers allege that possession was not handed over despite making significant payments towards their units.

According to the complaint, buyers invested in flats and commercial spaces after being assured that the project would be completed within a specified timeframe. The developer had reportedly entered into agreements promising possession and outlining compensation provisions in case of delays. However, several purchasers alleged that construction did not progress as promised and possession deadlines were repeatedly missed.

The police complaint states that dozens of buyers collectively paid substantial amounts towards bookings and registrations, expecting timely delivery of their properties. Investigators are examining allegations that funds collected from purchasers were not utilised for completing the project, leading to prolonged delays and financial losses for buyers.

Documents referenced in the complaint indicate that multiple meetings were held between buyers, developers, landowners, and other stakeholders over the years, with assurances reportedly given regarding the revival and completion of the project. However, complainants claim that despite these commitments, meaningful construction activity has yet to resume.

The FIR further alleges that more than 150 investors may have been affected by the delay, with the estimated amount involved reaching approximately INR 50 crore. Authorities are expected to examine financial transactions, project approvals, and contractual obligations as part of the investigation.

The case highlights ongoing concerns within the real estate sector regarding stalled housing projects and delayed possession. Industry observers note that such disputes often leave homebuyers facing financial strain as they continue servicing loans or rental expenses while awaiting delivery of their promised homes.

With the matter now under investigation, buyers are seeking accountability and clarity on the future of the project, while authorities assess the allegations and determine the extent of any financial irregularities.