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The directors of Nirmal Lifestyle Construction Company, Dharmesh Jain and his brother Rajeev, have been arrested and sent to judicial custody until May 16th. The Esplanade metropolitan court denied their bail application as they were involved in a Rs. 43 crore cheating case where they failed to hand over flats to 54 buyers in three Nirmal Lifestyle projects which were not yet complete.
The buyers had lodged a police complaint and the case was handed over to the court, which refused to accept any bail application until May 16th.
The Jain brothers had promised to hand over completed flats to the buyers after collecting the payment in 2010-11, but only 90 percent of the work had been completed, and the flats had not been handed over to the buyers who complained that the Jain brothers had cheated them.
The Economic Offences Wing had taken up the case and later took custody in the second case. The metropolitan magistrate court rejected their bail application, citing their influence and power that could tamper with the evidence if granted bail.
The directors had three First Information Reports registered against them for cheating more than 700 flat buyers in different projects. In spite of settling with a few buyers, many continue to await settlements.
Nirmal Lifestyle is a Mumbai-based real estate development company that was founded in 1975. The company has been involved in the construction of residential, commercial, and retail properties. They have developed various projects, including premium residences, townships, and malls. Nirmal Lifestyle has won several awards for their projects and has been recognized as one of the leading real estate companies in India. However, the company has also faced legal issues and complaints from customers regarding delays in project completion and handover of flats.
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