Pune Real Estate Firm Booked for ₹1 Crore Loan Dispute Involving Fraud and Breach of Trust
Chatushrungi police in Pune have registered a case against a prominent real estate firm for cheating, criminal conspiracy, and breach of trust in a ₹1 crore loan transaction. The complainant, Rajeev Damodar Ambekar, alleges that the pledged flat was sold to a third party without his knowledge.
Real EstateLoan DisputeFraudBreach Of TrustCriminal ConspiracyReal Estate PuneAug 14, 2025
In the FIR, Ambekar has alleged that four representatives of the real estate firm had approached him in 2021, seeking a loan of ₹1 crore for a residential project. The men claimed they were facing difficulties securing a bank loan and assured Ambekar of a 16% return on the loan over a three-month period, amounting to ₹4 lakh in interest. To secure the loan, the accused pledged flat number 201 in their upcoming project at Shivajinagar and assured that the property would be registered in Ambekar’s name.
On March 3, 2021, Ambekar transferred ₹1 crore via RTGS to the firm from his bank account. On March 26, a notarised agreement was executed confirming the loan, interest payable, and flat pledge. An agreement to sell was signed the next day. The repayment was due by June 2, 2021. While a promissory note was issued on August 30, 2021, the accused have reportedly repaid only ₹54.05 lakh so far.
In February 2024, Ambekar found that the pledged flat had been sold to a third party without his knowledge. When confronted, the accused allegedly promised to provide another flat, which was also later sold to someone else. Ambekar claims that he has suffered a financial loss of ₹98.95 lakh and that the accused acted in criminal conspiracy, misrepresented facts, and breached the terms of the agreement.
The Chatushrungi police have registered an FIR against the four accused under sections 318 (cheating), 316 (criminal breach of trust), and 3(5) (criminal conspiracy) of the Bharatiya Nyaya Sanhita. The matter is currently under investigation. This case highlights the importance of due diligence and legal safeguards in financial transactions, especially in the real estate sector.
Frequently Asked Questions
What is the amount of the loan in dispute?
The loan in dispute is ₹1 crore.
Who filed the complaint?
The complaint was filed by Rajeev Damodar Ambekar, a 69-year-old resident of Model Colony and director of Open Spaces Private Limited.
What did the accused pledge to secure the loan?
The accused pledged flat number 201 in their upcoming project at Shivajinagar to secure the loan.
What sections of the Bharatiya Nyaya Sanhita are the accused charged under?
The accused are charged under sections 318 (cheating), 316 (criminal breach of trust), and 3(5) (criminal conspiracy) of the Bharatiya Nyaya Sanhita.
What is the current status of the investigation?
The matter is currently under investigation by the Chatushrungi police.
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