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For over a decade, a 71-year-old Chembur builder has allegedly waited for returns and redevelopment rights promised after investing nearly Rs 1 crore in multiple slum rehabilitation projects. Instead, he claims he was deceived and denied profits worth nearly Rs 3 crore after the projects were allegedly transferred to another firm without his knowledge.

Police said complainant Nitin Gandhi, a construction businessman, was approached in 2012 by accused Bastiram Ahad with an offer to invest in four redevelopment projects in Chembur and Mahim. Gandhi alleged he was promised an 11 per cent stake in the company, annual returns of 18 per cent, redevelopment rights, and an additional director’s post. Trusting the assurances, Gandhi allegedly invested around Rs 98 lakh between 2012 and 2013.

Broken promises

“I invested my hard-earned money because I trusted them completely. I was repeatedly assured that I would receive my rightful shares, returns and stake in the redevelopment projects. Instead, the projects were shifted elsewhere without my knowledge, and I was left with nothing,” Gandhi said. 

Gandhi later found that one of the projects had been sold in 2015 to another private company for over Rs 4.35 crore along with additional saleable area rights. He alleged he was neither informed nor asked for consent despite being a shareholder.

Profit shifts

Police further alleged that the remaining redevelopment projects were transferred to another company allegedly controlled by the accused and their relatives, leading to the diversion of profits and redevelopment-linked benefits.

“The complainant has alleged that, despite being a shareholder, he was deliberately kept in the dark regarding the transfer of projects and movement of financial benefits. Prima facie, the allegations disclose elements of cheating, criminal breach of trust and financial misappropriation,” PSI Pooja Jadhav, of Chembur police station, told mid-day. 

Gandhi allegedly realised the extent of the fraud after profits from the redevelopment projects were allegedly routed to another company while the original firm in which he had invested was shown to have poor financial standing.

Police probe

Senior PI Rajesh Kewale said police registered an FIR against seven accused under relevant sections of the Bharatiya Nyaya Sanhita. Police are verifying relevant documents and transaction records linked to the redevelopment projects. No arrests have been made so far.

Alleged accused

Bastiram Ahad
Dharmila Ahad
Hitesh Ahad
Ruchita Ahad
Directors of two redevelopment firms

Rs 98 lakh
Amount invested by Gandhi between 2012 and 2013