Daijiworld Media Network - Mumbai
Mumbai, Jan 5: The Manikpur police have registered a case against city-based builder Neeraj Vora, director of Aiko Builders Pvt Ltd, for allegedly cheating a Vasai-based construction businessman of more than Rs 30 crore in connection with a real estate project at Mira Road.
The FIR has been filed on a complaint by Akash Gupta, who alleged that Vora approached him in 2021 seeking financial investment for the development of a two-acre, 25.75-guntha land parcel in Mira Road. Vora allegedly represented himself as the owner of the land and proposed a deal under which Gupta would be allotted one lakh square feet of built-up area at a rate of Rs 2,970 per square foot. He reportedly told Gupta that Rs 30 crore would be required to execute the project.
Trusting these representations, Gupta entered into a memorandum of understanding on September 15, 2021. Shortly thereafter, between September 21 and September 29, he transferred Rs 2.75 crore to Vora through multiple RTGS transactions. According to the complaint, Vora later issued written acknowledgements, receipts and transaction records confirming receipt of the funds. As security, Vora allegedly handed over 26 post-dated cheques totalling around Rs 31 crore.
The dispute deepened in January 2022 when Vora allegedly informed Gupta that he had entered into a joint development agreement with another builder for the same land. Despite this, Vora reportedly assured Gupta that the one lakh square feet promised under their agreement would be exclusively allotted to him. However, Gupta claimed that no development work commenced and the land was never handed over despite repeated follow-ups.
On January 15, 2023, a fresh agreement was allegedly signed, offering Gupta the option of either receiving the promised land or having his investment bought back at a higher rate of Rs 5,841 per square foot. Under this revised arrangement, Vora was supposed to pay Gupta Rs 31.46 crore. The complainant alleged that only Rs 1.30 crore was returned, leaving an outstanding amount of Rs 30.16 crore.
Gupta further alleged that during this period, Vora dealt with or transferred rights in the same land parcel to third parties while retaining the money invested by him. Claiming that the assurances were made with fraudulent intent and that the funds were diverted for personal use, Gupta approached the police.
Based on the complaint, Manikpur police booked Vora for cheating and forgery. Investigators said they are scrutinising bank transactions, agreements, land ownership records and the role of Aiko Builders Pvt Ltd to ascertain the full extent of the alleged fraud.