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A real estate broker from Sola has lodged a formal police complaint against a bullion trader and builder from Prahladnagar, alleging a staggering fraud amounting to Rs34.56 crore under the pretext of selling their properties. The complainant, Ashok Thakkar, is the proprietor of a reputable realty firm located on Sola Science City Road. According to his statement, the fraudulent transactions took place in March 2021 when he encountered Rakesh Shah, the accused, who operates his business on Prahladnagar Road. Shah presented himself as a well-established bullion trader with real estate expertise and expressed his willingness to assist Thakkar in selling his properties.
Thakkar decided to consolidate the value of his assets and set a collective price of Rs11.29 crore for the twelve flats he owned in the Gota area, along with four office spaces within a prominent commercial complex in Vadaj. Subsequently, in June 2021, Shah made an initial payment of Rs1.12 crore to Thakkar, which represented 10% of the total agreed-upon amount. To gain the broker's trust, Shah assured him that the remaining sum would be paid in several instalments over a span of 18 months.
However, as time passed, Shah allegedly began avoiding the scheduled payments, citing an unfortunate situation where his bank account in Dubai, containing 25 million euros, had been unexpectedly frozen. Claiming that he would promptly fulfil his commitments once access to the account was regained, Shah even presented Thakkar with a supposedly genuine letter from a Dubai-based financial institution. This letter, however, has since been revealed to be a forgery, adding another layer of deception to the entire scheme.
Furthermore, Thakkar has found himself entangled in this web of deceit as he acted as a guarantor in the sale of two properties belonging to his friend, Jasprit Singh Sabarwal, valued at Rs17.64 crore. These properties were also sold to Shah under the pretence of a legitimate transaction. However, the purported buyer, Shah, has failed to honour his financial obligations, and as a result, Sabarwal has turned to Thakkar for the owed funds.
As a consequence of these dishonest dealings, Thakkar filed an FIR against Rakesh Shah, accusing him of multiple offenses, including breach of trust, cheating, forgery of valuable security, and producing forged documents as genuine. The Anandnagar police have taken cognizance of the complaint and initiated a thorough investigation into the matter to unearth the full extent of the fraudulent activities.
The allegations against Shah have caused a stir in the local real estate and financial circles, with many expressing concern about the need for tighter regulations and due diligence processes to safeguard individuals and businesses from falling prey to such elaborate scams. The case serves as a stark reminder of the importance of conducting thorough background checks and verifying the authenticity of any documents presented during business transactions.
As the investigation unfolds, authorities will be closely examining Shah's financial records, business dealings, and any possible accomplices involved in perpetrating the fraud. The affected victims, including Ashok Thakkar and Jasprit Singh Sabarwal, are seeking justice and the recovery of their significant financial losses. The outcome of this case will undoubtedly be closely monitored by industry stakeholders and may influence future legal reforms in the real estate and financial sectors to prevent similar incidents from occurring in the future.
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