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In an astonishing turn of events, the Economic Offences Wing (EOW) of Mumbai police has lodged a case against renowned fashion entrepreneur, Ulka Chandrashekhar Nair. The 67-year-old designer, renowned for running numerous fashion outlets under the banner of Ulka Creation and her philanthropic endeavors through the Ulka Foundation, has been charged with purportedly swindling a builder out of Rs 20.52 crore.
The authorities have reported that Nair pledged her Versova property for redevelopment to a Goregaon-based developer in 2015. The deal involved a substantial payment of Rs 19 crore, in addition to an extra Rs 1 crore for ancillary paperwork and preliminaries. However, the accused designer failed to relinquish her property to the developer for the proposed redevelopment.
Nair and Megharaj Jain, director of Mangal Build Home Private Limited, reportedly formalized an agreement at Jain's Vile-Parle office. Nair, whose fashion business was under strain, desired to renovate her 1,286.30 square meter property and 4,407 square feet of construction. Consequently, around Rs 19.35 crore was moved to Nair's various bank accounts on October 14, 2016.
The contract entailed that Nair would receive Rs 17 crore alongside a 3,655 square feet construction within a 19-storey building, comprising a six-floor podium parking and thirteen residential floors. Jain's firm would acquire 8,528 square feet of the proposed 12,184 square feet construction.
The developer conducted soil testing, civil aviation clearance, and CRZ demarcation, alongside hiring a team of architects, consultants, and professionals. Jain's company spent approximately Rs 1.17 crore on these preparatory operations.
In March 2021, the Brihanmumbai Municipal Corporation's building department requested a structural audit of Nair's building. After the builder's commissioned auditor declared the 70-year-old building unsafe, Nair solicited another auditor, who deemed the building repairable.
Contrary to the agreement's stipulations, Nair failed to vacate the premises after receiving Rs 10 crore. She subsequently sent a notice to the builder, revoking his irrevocable power of attorney and denying him the right to a structural audit. Consequently, Nair faces charges of fraud and criminal breach of trust.
In her defense, Nair categorically denies these allegations, claiming they are the builder's ruse to unlawfully seize her property. She has vowed to present her case to the EOW and reveal the alleged political influence she believes is behind the case.
In conclusion, this ongoing legal entanglement between a high-profile fashion mogul and a builder over a multi-crore property redevelopment plan highlights the complexities of the Indian real estate sector. It emphasizes the importance of transparent communication, legal safeguards, and diligent scrutiny in any high-stakes business venture. As the case unfolds, the Mumbai police's Economic Offences Wing will undoubtedly face scrutiny in its pursuit of justice.
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