Builders Scam: Four partner builders from Gajanan Builders in Mumbai are facing legal action for allegedly defrauding a non-resident Indian (NRI) of Rs 11 crore. The accused, identified as Dhanji Gala, Sameer Khan, Saif Khan, and Abdul Khan, allegedly lured the victim, Nizar Virani, with promises of high returns on investment in Slum Rehabilitation Authority (SRA) projects.
Builders Scam Viral
Virani, based in Dubai and engaged in property management, lodged a complaint with the Matunga police. He claimed that Gala, in 2010, proposed a lucrative investment opportunity, promising 40% returns for supporting the development of SRA projects named Sangam and Sahara in Oshiwara.
An MoU was signed, stipulating Virani’s investment of Rs 30 crore, of which he allegedly paid Rs11 crore as the initial instalment. However, despite the agreement, Virani didn’t receive any profits from the sale of flats as promised.
During a meeting with Gala in December last year, Virani raised concerns about the profit clause in the MoU, but Gala evaded the issue, claiming the agreement was with his lawyer in Nariman Point.
When Virani approached the lawyer, he was denied access to the MoU. Upon investigating the project site, Virani discovered that over 200 properties had been sold by Gajanan Builders without sharing profits.
Additionally, he accused the builders of obtaining loans totalling Rs175 crore from Edelweiss Real Estate Fund and Edelweiss Alternative Asset and Advisory Limited without his knowledge.
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