Two directors of a real estate company have been charged with allegedly defrauding a developer of nearly Rs 5 crore under the guise of investment in a Slum Rehabilitation Authority (SRA) project in Malad, according to a police official on Friday.
The official from the Kasturba Marg police station stated that a case has been filed against Mansukh Shah and Akash Mansukh Shah, who are directors of Shah Housecon Private Limited, and noted that the investigation has now been handed over to the Economic Offences Wing (EOW). In his complaint, real estate developer Nilesh Narendra Raghani asserted that he was introduced to the two men in March of the previous year, during which they provided details about the Khothodongri SRA Society redevelopment project situated on Rani Sati Marg in Malad and encouraged him to invest.
“According to the agreement, construction was to take place on a 5,600 square metre plot. Raghani’s company was responsible for covering the entire construction expenses, while the Shah-led firm was tasked with obtaining the necessary permissions and relocating tenants.
In exchange, Raghani’s firm was to receive a designated sale component area from the project,” the official quoted from the complaint. “Believing in the proposal, Raghani transferred Rs 5.15 crore to the accused between May and July of the previous year. However, even three months after the agreement was signed, the accused allegedly did not vacate the slum structures or resolve the project title.
Subsequently, Raghani found out that the ownership of the plot did not belong to the accused’s company but rather to a charitable trust,” he added. Following his complaint, the two individuals were charged, the official confirmed.
