Pune Real Estate Firm Faces Legal Action for ₹1 Crore Loan Fraud
Chatushrungi police have registered a case against four individuals associated with a prominent real estate firm in Pune, following allegations of cheating and criminal conspiracy in a ₹1 crore loan transaction.
Real EstateLoan FraudCriminal ConspiracyChatushrungi PolicePuneReal EstateAug 15, 2025
The complaint was filed on August 12 by 69-year-old Rajeev Damodar Ambekar, a resident of Model Colony and director of Open Spaces Private Limited, a construction company operating since 2011. Ambekar alleged that four representatives of the real estate firm approached him in 2021, seeking a loan of ₹1 crore for a residential project. They claimed to be facing difficulties in securing a bank loan and promised 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, assuring Ambekar that the property would be registered in his name. On March 3, 2021, Ambekar transferred ₹1 crore via RTGS to the firm from his bank account. A notarised agreement was executed on March 26, 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. However, despite issuing a promissory note on August 30, 2021, the accused have reportedly repaid only ₹54.05 lakh so far. In February 2024, Ambekar discovered 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 risks associated with private lending and the importance of thorough due diligence before entering into financial agreements. It also underscores the need for stringent regulatory measures to protect investors and prevent fraudulent practices in the real estate sector.
Frequently Asked Questions
What is the main reason for the legal action against the real estate firm?
The main reason for the legal action is a complaint of cheating and breach of trust in a ₹1 crore loan transaction. The firm allegedly sold a pledged flat to a third party without the complainant's knowledge and failed to repay the loan as agreed.
Who filed the complaint and what is his background?
The complaint was filed by Rajeev Damodar Ambekar, a 69-year-old resident of Model Colony and director of Open Spaces Private Limited, a construction company operating since 2011.
What were the terms of the loan agreement between the complainant and the real estate firm?
The terms of the loan agreement included a ₹1 crore loan with a 16% return over a three-month period, amounting to ₹4 lakh in interest. The accused pledged flat number 201 in their upcoming project at Shivajinagar, which was to be registered in Ambekar’s name.
How much of the loan has been repaid so far?
Despite issuing a promissory note, the accused have reportedly repaid only ₹54.05 lakh out of the ₹1 crore loan.
What legal actions have been taken by the Chatushrungi police?
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.
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