Real Estate Company Lands in Trouble: Bhimashankar Developers Accused of Cheating Investors
Bhimashankar Developers, a Pune-based real estate company, has been accused of defrauding investors with a fraudulent investment scheme.
Real EstateInvestment SchemesBhimashankar DevelopersPuneCheating InvestorsReal Estate PuneJul 07, 2024
The complaint was filed by Satish Madanraj Porwal, a resident of Bhawani Peth, who invested 2.25 lakh rupees in the scheme. However, despite several follow-ups, Porwal did not receive his refund, prompting him to approach the police. When the police failed to register a case, Porwal filed a private complaint in court, which led to the registration of a case against Bhimashankar Developers and its key members, including Rajnish Manekalal Bhandari, his brothers Anuj and Shreyans, and his son Yash.
The accused face charges of cheating, criminal breach of trust, and criminal conspiracy under various sections of the Indian Penal Code (IPC). The police have launched an investigation into the matter and are currently investigating the company's activities.
Bhimashankar Developers had introduced an investment scheme for plots in Ambarwadi, Khandala, and Satara areas, which included a buy-back plan. Investors were also given the option to purchase certain plots upon payment of a fee. However, the company allegedly failed to deliver on its promises, leaving investors in the lurch.
The case against Bhimashankar Developers is a stark reminder of the need for investors to exercise caution when investing in real estate schemes. It is essential to thoroughly research the company and its credentials before investing in any scheme.
Information
Bhimashankar Developers is a real estate company based in Pune, with its office at BU Bhandari Landmark. The company has been involved in several real estate projects in and around Pune.
Bhimashankar Developers is a leading real estate company in Pune, known for its high-quality residential and commercial projects.
Frequently Asked Questions
What is the name of the real estate company accused of cheating investors?
The name of the real estate company accused of cheating investors is Bhimashankar Developers.
Where is Bhimashankar Developers based?
Bhimashankar Developers is based in Pune, with its office at BU Bhandari Landmark.
What was the nature of the investment scheme launched by Bhimashankar Developers?
The investment scheme launched by Bhimashankar Developers was for plots in Ambarwadi, Khandala, and Satara areas, which included a buy-back plan.
How much did Satish Madanraj Porwal invest in the scheme?
Satish Madanraj Porwal invested 2.25 lakh rupees in the scheme.
What charges do the accused face?
The accused face charges of cheating, criminal breach of trust, and criminal conspiracy under various sections of the Indian Penal Code (IPC).
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