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.