Mumbai: The Economic Offences Wing (EOW) filed a cheating case against the directors and partners of Ashapura Group at Tilak Nagar police station regarding an Rs 80 crore scam in the Panchsheel Nagar slum redevelopment initiative on August 1. The individuals suspected are Chetan Bhanushali, Praveen Chamaria, Maya Hikmat Udan, Meena Bhanushali, Dhanji Patel, Laxmiben Patel, and Bechar Patel.
The person filing the complaint is Chaitanya Mehta, a partner at ‘Arihant Realtors’. Arihant Realtors commenced the Panchsheel Nagar SRA project in 2008. There are over 800 residents living in slums. Following the attainment of all necessary approvals for the project, Ashapura Group became a 65 per cent partner in 2011.
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The investigation is being conducted by Assistant Police Inspector Yogesh Bhadre from Cell 14 of the Economic Offences Wing. This is how the fraud transpired. According to the agreement, the responsibility for fundraising, securing approvals, and overseeing the project lay with Ashapura Group.
They misappropriated the funds obtained from PNB Housing Finance for personal gain using misleading information. Additionally, the funds received from the purchasers were redirected to other places rather than the official accounts.
It was also disclosed that the director of the PMC organisation established for the project was connected to the Ashapura Group. They demanded 18 crores via their inflated invoices. Additionally, the complaint alleges that a significant fraud occurred by fabricating 200 counterfeit borrowers and presenting a debt of Rs 140 crore
In the 'Zhopu' project, developers not paying rent under slum rehabilitation will face new challenges due to the Maharashtra Slum Act 2025. The CEO of the Slum Redevelopment Authority can now recover unpaid rent from properties and personal assets. Additionally, the occupant resettlement period has been reduced from 120 to 60 days.
