A sessions court here has passed an order directing the city police to register a case of cheating, criminal breach of trust, and conspiracy as well as relevant sections under the Maharashtra Protection of Interest of Depositors (MPID) Act against four partners of a city realty company and the firm in relation to an investment/deposit scheme.
Last year, Aundh businessman Subhash Shaligram Gupta (64) filed a private complaint through lawyers Monish Jain and Gaurav Nashikkar, alleging that Bhimashankar Developers on FC Road and partners of the firm Rajnish Maneklal Bhandari (56), Anuj Maneklal Bhandari (53), Shreyans Anuj Bhandari (26) and Yash Rajnish Bhandari (25), duped him of Rs89.27 lakh. They had promised to pay the complainant the amount as a return on investment.
When contacted, Rajnish Bhandari told, “We have nothing to comment on the issue for now as the matter is sub judice.”
Gupta had complained that the deal was for giving Rs89.27 lakh on maturity of a two-year deposit of Rs11.29 lakh he made in October 2017 in a plot scheme by the firm at Amberwadi in Khandala taluka of Satara district.
Alternatively, the firm offered him the option of retaining five plots, totally admeasuring 933 sq m, upon payment of Rs8.93 lakh at the time of handing over possession. A memorandum of understanding (MoU) was signed on October 9, 2017, and notarized on October 24, 2017. The firm gave Gupta 12 post-dated cheques (PDCs) of Rs7.43 lakh each for the period between October 9, 2019, and September 9, 2020.
Gupta alleged the scheme did not take off even after two years and had no sanctions from the town planning authorities nor was it registered with MahaRERA, he alleged. Gupta stated that when he deposited three of the 12 PDCs for claiming back a part of his promised money, the bank returned the same saying ‘Payment stopped by drawer’.
Additional sessions judge SS Gosavi referred to the complaint and the citations in detail and held on February 12, “This is a fit case to give direction to the Chatushringi police station under 156 (3) Code of Criminal Procedure to register an offence under Sections 420 (cheating), 406 and 409 (both relating to criminal breach of trust), 120-B (criminal conspiracy) and 34 (common intention) of the Indian Penal Code and Sections 3 and 4 of the MPID Act.”
The judge prima facie observed, “Since beginning there was dishonest intention to cheat the complainant. The above stated factual and legal position prima facie shows that accused no. 2 & 3 (Rajnish and Anuj) made false representation and inducement to the complainant to make investment in the scheme floated by accused no. 1 partnership firm. Accused no. 4 & 5 (Shreyans and Yash) are partners of that firm and all of them have cheated and committed criminal breach of trust and offence under section 3 & 4 of MPID Act.”
The court also held that a single individual’s complaint was maintainable under Section 3 of the MPID act and noted, “Before filing this complaint, the complainant filed a complaint with Commissioner of Police, Pune and Deputy Commissioner of Police EOW and Cyber Cell and Senior PI Chaturshringi police station but they did not take any action.”
