Daijiworld Media Network - Mumbai

Mumbai, Sep 22: The Economic Offences Wing (EOW) has filed a chargesheet against builder Lalit Jain for allegedly cheating a Nagpur-based businessman and tampering with property documents in a redevelopment project in South Mumbai.

According to the chargesheet, Jain induced Mahesh Goyal and his family to invest Rs 12.50 crore in the Sanjana Building redevelopment project in Malabar Hill, promising 45% equity in his Safeway Project Pvt Ltd and 18% annual interest. However, only 25% shares were allotted, and the investment, along with interest, was never returned, resulting in a total loss of Rs 16.46 crore, including litigation expenses.

The probe revealed that Jain, through companies such as Metro Projects Pvt. Ltd. and Metro Global Ltd., allegedly camouflaged property ownership and siphoned off funds. Despite Waqf Board restrictions on the sale or transfer of properties, agreements were executed with builders and financial institutions to secure loans, which were later diverted, causing losses to the Waqf Board.

Investigators also found manipulation of board resolutions, submission of forged powers of attorney, and false affidavits to facilitate fraudulent transactions. Properties in Andheri, Kurla, and Goregaon were misrepresented, mortgaged, and commercially exploited. Repeated notices from the Waqf Board were reportedly ignored, prompting the EOW to register the FIR after community complaints.

The chargesheet names Lalit Jain and co-accused for offences including criminal breach of trust, cheating, forgery, and criminal conspiracy under the IPC, along with violations of the Waqf Act, marking a significant development in curbing property fraud in Mumbai.