News: Mumbai: Builder held for luring hotelier to 'invest' Rs 10 crore in two flats-15-01-2021
The Economic Offences Wing (EOW) of Mumbai Police on Wednesday arrested Bharat Udeshi and is on the lookout for three others involved. Bharat Udeshi and his late brother Mahendra Udeshi were partners in Shiv Sneha Associates.
MUMBAI: A 65-year-old developer who lured a hotelier to invest Rs 10 crore in a redevelopment project which never took off was arrested on charges of cheating, criminal breach of trust and under the Maharashtra Ownership Flats Act (MOFA).
The Economic Offences Wing (EOW) of Mumbai Police on Wednesday arrested Bharat Udeshi and is on the lookout for three others involved. Bharat Udeshi and his late brother Mahendra Udeshi were partners in Shiv Sneha Associates.
In 2011, Udeshis informed the complainant that they were redeveloping their building in Dadar area and suggested him to invest in a flat that was up for sale. After redevelopment, the flat would fetch a higher price, Udeshi told the hotelier, the police said.
In 2014, the hotelier invested in a second flat after Udeshi said he was in financial crisis. In 2020 when the project did not take off, the complainant approached Udeshis and asked himto cancel the deal and return his money with interest, but there was no response from Udeshis. The complainant approached Matunga police and lodged a complaint. The case was transferred to EOW considering the amount.
