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HomeNewsTop NewsPrivilon Buildcon's directors arrested for Rs 54 crore real estate fraud

Privilon Buildcon’s directors arrested for Rs 54 crore real estate fraud

A detailed examination of land revenue records in connection with an alleged fraud carried out by Privilon Buildcon Group has revealed that the land in Ghuma village, where two multi-storey schemes were proposed, did not belong to the accused developers.

Instead, the properties were legally registered under Dharnidhar Developers and a group of co-owners led by Ashok Patel, said police.

The Ahmedabad Rural police had arrested Hiren Kariya and Jaydeep Kotak, directors of Privilon Buildcon Group, in Dec for duping 240 buyers out of Rs 54 crore. The duo allegedly created fake land ownership documents, including a forged memorandum of understanding (MOU), to claim possession of the land and sell houses under two multi-storeyed schemes.The scam revolved around two ambitious projects: Celestial, a 14-storey complex with 642 flats and 70 shops, and Richmond Bay, a 22-storey structure with 171 flats and 34 shops. Buyers invested through bank transfers, cheques, and cash, unaware of the fraudulent claims.

After receiving several complaints, the police launched a special investigation team (SIT), led by deputy superintendent of police (Sanand) Nilam Goswami, to probe the allegations. After scrutinizing land records and financial transactions, the SIT confirmed that Privilon Buildcon never had ownership rights over the Ghuma land.

The Ahmedabad Rural Police on Thursday said, “The accused conspired to form a partnership firm named Privilon Buildcon LLP and falsely claimed ownership of the open land in Ghuma village. They created a fake notarised MoU and used it as genuine to sell flats under their firm’s name.”

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