22 July,2026 09:27 AM IST | Mumbai | Samiullah Khan
Atharva Landmark CHSL in Malad East
Dindoshi police have booked five people, including developer Deepak Shah and officials of Khush Housing Finance Pvt. Ltd. (KHFL), for alleged fraud, forgery, and cheating. The group is accused of using allegedly forged documents to portray a 3135 sq ft common parking area at Atharva Landmark CHS in Malad East as commercial office units.
The podium area, currently used for parking at the society, has been wrongly shown as office units and mortgaged by the developer of Atharva Landmark. Pics/Nimesh Dave
Residents who purchased flats between 2011 and 2021, along with parking spaces located in the basement, ground, first and second podium levels, later discovered that the developer had allegedly mortgaged the society's second-podium parking space to KHFL as security for a loan. KHFL then initiated possession proceedings under the SARFAESI Act for three alleged "office units" (No. 201, 202 and 203), which the society claims do not exist, without serving notice to residents.
The society alleged that documents obtained from the Sub-Registrar's office differed from those submitted before the court. It claimed the following discrepancies:
>> Different mortgage dates
>> Blank spaces allegedly filled later
>> Missing stamps
>> Handwritten insertions
>> Altered property descriptions
>> Inconsistencies in property schedules
>> Allegedly forged signatures
>> Dates allegedly manipulated to show the mortgage was executed before the loan was disbursed
>> References to 23rd and 24th floors, though society claims BMC sanctioned only up to the 22nd floor
Kailashnath D Yadav (left), secretary, and Jagdish Rajpopat, chairman, Atharva Landmark
An FIR was registered under BNS against Amit Magia, Kiran Magia, Kalpesh Dedia, Harshita Kanojia, and developer Deepak Shah. "The probe is underway to verify documents, examine mortgage of disputed property and establish role of finance company officials and the developer," a police officer said.
"According to sanctioned plans, the second podium is only for parking. We were shocked to learn the finance company claimed this area as office units and mortgaged it to sanction a loan to the developer.
We were never served any notice under SARFAESI Act [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest] yet possession proceedings were initiated, creating fear among residents," said Kailashnath D Yadav, secretary, Atharva Landmark CHSL.
Advocates Jay Rajpopat and Akshit Kothari, representing the flat owners in The Debt Recovery Appellate Tribunal recorded a prima facie finding in favour of the flat owners.
Indian law empowers banks and financial institutions to recover non-performing assets (NPAs) without court intervention by seizing and auctioning the secured assets of defaulting borrowers.
"We are yet to receive and examine the complaint in detail. However, from what we understand, it has been filed by the housing society and certain alleged flat purchasers, with whom KHFL has no financial or contractual relationship. KHFL had extended a loan to the developer, who mortgaged the flats, offices and project cash flows to us, as disclosed on RERA. Following the developer's default, we initiated proceedings under the SARFAESI Act after following the due legal process. The matter is currently pending before the Debt Recovery Tribunal and the Bombay High Court. The allegations of forgery against KHFL are completely baseless and without merit. It appears that both the society and KHFL have been deceived by the developer. We believe the complaint has been filed only to obstruct our lawful recovery proceedings and pressure us from recovering our legitimate dues."
