Mumbai: The Vile Parle police have registered a case against a developer for allegedly cheating an investor of Rs 1.64 crore in a flat investment scheme.
Details of the Investment
According to the FIR, the complainant, Alhad Acharekar, 55, a Pune-based company unit coordinator residing in Vile Parle East, was looking to invest in property in 2021. Through an acquaintance, he was introduced to the Prem Leela project in Goregaon East, developed by Shailesh Rawal.
Agreement and Promises
After visiting the site and finding construction in progress, Acharekar agreed to invest Rs 1.64 crore for two flats – 502 and 503 – on the promise that Rawal would buy them back after a year for Rs 2.10 crore, offering a profit of around Rs46 lakh. They also agreed that in case of default, Rawal would pay 18% annual interest on the investment.
Breach of Agreement
However, after a year, Rawal neither repurchased the flats nor returned the money. Acharekar later discovered that flat 503 had been sold to another buyer in February 2022, despite his allotment letter.
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Police Action
Based on the complaint, police booked Rawal under Sections 316(2) (criminal breach of trust) and 318(4) (cheating) of the Bharatiya Nyaya Sanhita.
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