Mumbai Crime: Cops look for SRA developer who cheated buyers of crores

Updated: Dec 06, 2019, 07:25 IST | Diwakar Sharma, Faizan Khan | Mumbai

A Thane jeweller raised several crores of rupees on the promise of delivering homes to investors and made off with their money without finishing the project

A marriage hall has come up where the APA Infraventures office used to be in Malad
A marriage hall has come up where the APA Infraventures office used to be in Malad

A team from MIDC police station travelled to Hyderabad to arrest the director of a multi-crore jewellery company, Chintamani Gems and Jewellery Private Limited, Balasaheb Abasaheb Kadam, in November — accused of fraud — apprehended him with the help of the local police, and let him go with just a notice. He has been served a notice to appear before MIDC police on December 6. Complainant Hemant Gupta claims he located Kadam and alerted MIDC police about his whereabouts.

Kadam also allegedly took a R25-crore loan from the State Bank of India (SBI) against land that he passed off as his jewellery company's. Whereas, as per Gupta, 59, it was meant for the SRA project he invested in. MIDC cops had set out for Hyderabad on November 26 and reached there the next day. The visiting team sought the help of Cyberabad police, whose officers found and handed Kadam to the Mumbai police team.

MIDC police let Balasaheb Abasaheb Kadam go after serving him a notice
MIDC police let Balasaheb Abasaheb Kadam go after serving him a notice

mid-day accessed a crucial letter from the Cyberabad commissionerate which contains the abstract from a diary entry made at a local police station in Telangana. "The sub-inspector of MIDC police station Swapnil Dnyonder Bhujbal came to Cyber Crime police station at 1:15 pm and requested for police assistance in crime no 317/2018 registered under Sections 406, 420, 34 of the IPC. At 5:30pm, Bhujbal came to Cyber Crime PS, Cyberabad and informed that they have taken the custody of Balasaheb Kadam for further investigation in the case," reads the crucial letter accessed through an RTI application.

Deputy Commissioner of Police (zone 10) Ankit Goyal, said, "One team from MIDC police station visited Hyderabad and handed a notice to accused Kadam to be present at MIDC police station by December 6." "The registered office of Kadam's firm is in Thane and MIDC area. I wonder if the police chase an accused to a place where he is hiding just to hand him a notice. Why did the police not bring him (Kadam) to Mumbai?" Gupta said.

Hemant Gupta
Hemant Gupta

The complaint
Gupta had invested R3.02 crore for 32 flats in APA Infraventures Pvt Ltd in 2010. "I was approached by the directors of APA Infraventures and agreed to buy 32 flats in sale components as they needed money for the construction of the project. Possession was supposed to be given in 36 months. I paid them by cheque. But there was zero progress despite me following up with the directors Sanjay Namdev Kshirsagar, Atul Shashikant Prabhu and others," Gupta said. "The directors collected huge amounts of money from people to establish an SRA project in 2010 and siphoned off all of it."

Gupta registered an FIR in 2018 after he found APA Infraventure's office in Pathanwadi demolished. "I found statements of two bank accounts of APA. The balance in these accounts was R25 crore. Today, the balance is zero. Nearly R9 crore was withdrawn in cash. The balance was siphoned to benami entities. There is no proof of money spent on implementation of the project," alleged Gupta. According to Gupta, APA's directors transferred the SRA land to Chintamani Gems and Jewellery and Kadam, its owner was made a director of APA in 2012.

"Then, Chintamani Gems and Jewellery availed a R25-crore loan from the State Bank of India (SBI). After I persistently followed up with the SBI, the bank sealed Kadam's two flats at Hiranandani Sovereign at Powai. Kadam defrauded homebuyers and slum-dwellers by transferring APA's land to his firm," Gupta said. Gupta also managed to secure arrest warrants by following up with senior IPS officers and inspector-level officers of Mumbai police. However, he claims that no action is being taken to arrest them.

"It is unbelievable that the MIDC police is trying to suppress this scam of R80-100 crore involving SBI, Cosmos Bank, many homebuyers and myself. The fate of nearly 800 slum-dwellers is also uncertain. And culprits are living luxurious lives and roaming free. Due to the collusion of police with criminals, my efforts of several years are being wasted," he said. "The investigating officer always told me that Kadam has been untraceable. I used my personal contacts and located him in Cyberabad after which I alerted MIDC police," Gupta claimed.

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