Mumbai Police Registers Rs 23 Crore Cheating Case Against Real Estate Firm Directors

Mumbai Police Registers Rs 23 Crore Cheating Case Against Real Estate Firm Directors

Mumbai Police Registers Rs 23 Crore Cheating Case Against Real Estate Firm Directors

A case of alleged cheating amounting to Rs 23 crore has been registered against Kamala Mills owner Ramesh Govani and directors of Shivam Parivar Developers Pvt Ltd. The FIR, filed on the orders of the Dadar magistrate court, has named Ajit Bhosle, Pramod Bhosle, and Sanjay Bhosle as accused.

The complaint was lodged by Vyoman Infrawest Pvt Ltd and Vyoman India Pvt Ltd, which claimed that in 2013, Govani and the Shivam Parivar directors induced them to invest in a redevelopment project at Parmar Guruji Marg, Parel, with promises of high returns. According to the complainants, investors were assured prime space in the proposed construction at a concessional rate, with the project slated for completion within three to four years.

However, when the investors sought documentation related to their investment in 2018, the accused allegedly failed to provide them. The Brihanmumbai Municipal Corporation (BMC) later extended the project deadline to December 2021, yet no development took place. The complainants, realizing they had been misled, initially approached the police, but their complaint was reportedly not taken into consideration. Subsequently, they filed a private complaint in December 2024, which led to the court directing the registration of the FIR.

The case has now been taken up for investigation, with further legal proceedings expected in the coming weeks.

About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/