<img title="Fraud case" src="http://images.mid-day.com/images/images/2017/mar/15-fraud.jpg" alt="Fraud case" width="670" height="401" />
A developer has landed in a soup for allegedly cheating 29 investors to the tune of Rs 7.6 crore on the promise of giving them flats under the redevelopment project of a Tilaknagar-based property.
The housing unit of EOW arrested director of Millennium Developers Mohan Kumar Suvarna (59), a resident of Chembur, under relevant sections of the IPC and Maharashtra Ownership Flats Act, for cheating and criminal breach of trust.
He was booked after one investor, Chandra Prakash Shetty, filed a complaint. Shetty had come in contact with the builder through one Ahmed Ali Khan, who is also an accused in the case. Khan has managed to get anticipatory bail in the matter.
Project fails Sources said between December 2010 and 2013, Suvarna had undertaken the redevelopment of Radha Madhav CHS in Tilaknagar. To sell the flats he planned to develop based on the extra FSI, he had taken money from the investors.
An officer said, "Suvarna had taken nearly 20% of the apartments' cost from the buyers, but he failed to construct the building due to various problems. He had not got clearances and permission from authorities, including Maharashtra Housing and Area Development Authority. When he failed to keep his promise and also did not return the investors' money, they approached the police."
The police have been on the lookout for him for the last six months and managed to arrest him on Thursday. Though all of his bank accounts have been frozen, only Rs 14,000 could be recovered. The police are trying to find out where he diverted the remaining funds.

A developer has landed in a soup for allegedly cheating 29 investors to the tune of Rs 7.6 crore on the promise of giving them flats under the redevelopment project of a Tilaknagar-based property

Mumbai: Developer in jail for duping 29 investors of Rs 7.6 crore

Trending Stories

Latest Photos

Latest Videos

Latest Web Stories

Mid-Day Fast

Home / Mumbai / Mumbai News / Article / Mumbai: Developer in jail for duping 29 investors of Rs 7.6 crore

Mumbai: Developer in jail for duping 29 investors of Rs 7.6 crore

Trending Stories

Latest Photos

Latest Videos

Latest Web Stories

Mid-Day Fast