Two developers booked for cheating realty firm of ₹15.45cr

MUMBAI: Two directors of a Dadar-based developer, Shreenath Development Corporation, have been booked for allegedly cheating a realty firm of ₹15.45 crore.

On behalf of Suraksha Group, Paras Mehta, an accountant, filed the complaint against Chandrahas Jitendra Mehta and Ursula Chandrahas Mehta with the Matunga police on July 26. The Matunga police have transferred the case to the Economic Offences Wing’s (EOW) housing unit.

Rejecting the allegations, the Mehtas said that of the ₹15.45 crore loan, they have paid back ₹12.5 crore. They also contended that Suraksha Group owes them ₹5 crore for a Vashi plot.

“Earlier, we had approached EOW with a complaint to get back our ₹5 crore from Suraksha Group, but it has not acted against them,” said Chandrahas Mehta.

According to the police, the Mehtas, whose office is in Dadar (East), wanted to redevelop 28,800 square feet of slum land under Shashtri Nagar SRA Co-operative Housing Society in Sion. They approached Suraksha Group for financial help. The Mehtas and Suraksha entered into an agreement. The Mehtas had lent ₹15.45crore through cheques between May 2010 and February 2013.

The complainant claimed the Mehtas violated terms and conditions of the agreement because they neither sought mandatory project-related approvals from various agencies nor had rights over the land.

No arrests have been made as the investigation is underway.