Neeraj Vora,director of Aiko Builders Pvt Ltd, has been charged with allegedly defrauding a construction entrepreneur in Vasai of Rs 30 crore in a real estate transaction related to a land parcel at Mira Road. On Monday, the Manikpur police filed a First Information Report (FIR) against Vora for cheating and forgery.
The complainant, Akash Gupta, reported that in 2021, Vora approached him to seek financial support for the development of a two-acre, 25.75-guntha plot at Mira Road, assuring him that he would allocate 1 lakh sq ft at a price of Rs 2,970 per sq ft. Vora purportedly claimed to own the land and indicated that a total investment of Rs 30 crore was necessary for the project’s development.
Based on this promise, a Memorandum of Understanding (MoU) was signed on September 15, 2021. Between September 21 and September 29, 2021, Gupta transferred a cumulative sum of Rs 2.75 crore to Vora through several RTGS transactions. The complainant noted that on September 30, 2021, Vora provided written acknowledgments,receipts, and transaction documents confirming the receipt of the funds.
As collateral for the agreement, Vora allegedly issued 26 cheques totaling approximately Rs 31 crore. The FIR further indicates that in January 2022, Vora informed Gupta that he had entered into a joint development agreement with another builder concerning the same land, yet assured him that the 1 lakh sq ft promised in their agreement would be exclusively allocated to him.
Gupta claimed that despite numerous follow-ups, Vora neither commenced development work nor transferred the land to him. On January 15, 2023, a new agreement was reportedly executed, wherein Vora consented to either allocate the land as promised or repurchase it at an increased rate of Rs 5,841 per sq ft, guaranteeing significant returns.
According to this arrangement, Vora was obligated to pay Rs 31.46 crore to Gupta. However, the complainant alleged that only Rs 1.30 crore was refunded, leaving an outstanding balance of Rs 30.16 crore. Gupta also asserted that during this timeframe, Vora transferred or dealt with the same land parcel to other parties while retaining the funds he had paid.
Alleging that the funds were misappropriated for personal use and that the assurances were made with dishonest intent, Gupta approached Manikpur police and lodged a formal complaint.The police have stated that an investigation is currently in progress to scrutinize the bank transactions, contracts, land records, and the involvement of Aiko Builders Pvt Ltd in this matter.
