Mumbai: Haryana bizman accuses 8 from city of Rs 127-crore fraud

Updated On: 14 September, 2023 08:08 AM IST | Mumbai | Anurag Kamble

Accused serving as directors of real estate companies borrowed Rs 30 cr for a redevelopment project at Worli Naka, promised Rs 97 cr and part ownership of project as compensation in case of failure to repay

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The site where the borrowing firms claimed the redevelopment project would be built. Pic/Shadab Khan

The Haryana police have registered a case against eight individuals who served as directors, three real estate companies, and one chartered accountant for cheating a businessman of Rs 127 crore by offering a lucrative deal in a redevelopment project. According to the complaint, the accused, through their companies roped in the Haryana-based businessman to fund a redevelopment project in Worli and took Rs 30 crore in funds in 2019. The accused promised to repay the principal amount, compensation worth R97 crore, and ownership of the project if it is not completed by June 2021.

The case

Between May and June 2019, directors of Yash Enterprises, a partnership firm, Mehta Land Developers Pvt Ltd, and Samay Estate Pvt Ltd. reached out to Haryana-based businessman Pavel Garg regarding a redevelopment project measuring 5238.81 sqm and having 66 tenants/occupants at Worli Naka. They said they would need R100-R150 crore. Convinced with the project and the paperwork, Garg invested R20 crore on a short-term basis and assured to finance the project further if his confidence in it increases. The payment was made from Garg’s company, Combitic Global Caplet Pvt Ltd, to Yash Enterprises in 2019. The debt was repaid with interest in the same year and the companies approached Garg again for Rs 30 crore. This amount was paid through Imperious Reality LLP.

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