A 60-year-old property consultant from Matunga was arrested by the city police for cheating a financial leasing company of Rs 92 crore. The Economic Offences Wing (EOW) of the Mumbai Police arrested Ramesh Hirji Gharod and are looking for his partners.
The complainant in this case, Anchor Group and Good Value Financial Services and AJS Developers was redeveloping Manisha Co-operative housing society in Vile Parle, for which it needed funds. In 2010, there was a partnership deed agreement between Good Value and Pramda Oil and AJS developers. Good Value and Pramda Oil were to finance AJS Impex for the housing project, and take a 60% cut of the profits.
Per the deed of mortgage dated 2013, AJS Developers issued allotment letters for eight flats. In the deed, the total area of the eight flats mortgaged to the leasing company was around 11,116 sq feet with separate parkings. Police said that for 2012-2013, AJS Developers were supposed to pay Rs 22.3 crore to Good Value and Rs 19.7 crore to Anchor Leasing Co.
Police then collected more information about the project and found that AJS Developers had taken IOD and other permissions in 2011 and till 2016, constructed a 12-storey building. The BMC had not given occupational certificate (OC) due to a few violations.
“When we inquired with the registration office, we found discrepancies in what AJS Developers had promised to the financial leasing company in the deed of mortgage and their actual plan submitted,” said an official.
In the deed of mortgage, AJS had mentioned 11,116 sq feet, but according to the registration office the total area sanctioned was 6,509 sq feet. AJS had issued bogus allotment letters to the complainant company, failed to repay, did not pay interest, and cheated them of Rs 92 crore,” said an officer.