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The Mumbai Police's Economic Offences Wing (EOW) made a significant arrest last week, apprehending a builder involved in a case of alleged fraud related to a redevelopment project in Andheri. The accused, Kinnar Nayak, aged 57 and residing in JVPD Scheme in Juhu, faces a slew of charges, including cheating, forgery, and breach of trust. The charges stem from an incident dating back to 2015, when Nayak, who serves as the director of Taksha Spaces, a construction company, approached the complainant, Amjad Shaikh, and his father, Ahmed Shaikh, who are also builders.
In 2015, Nayak made a pressing request for a substantial sum of Rs 35 crore, citing an urgent need. He presented an enticing offer to Ahmed Shaikh, suggesting that they undertake a redevelopment project at the Govardhan Cooperative Housing Society in Bangur Nagar, Goregaon. This project encompassed 180 flats and was valued at approximately Rs 32 crore. Trusting Nayak and believing in the sincerity of the project, Ahmed Shaikh proceeded to transfer a whopping Rs 30 crore through the Real-Time Gross Settlement (RTGS) system into Nayak and his wife's accounts.
However, things took a grave turn as Nayak failed to fulfill his commitments. He did not provide an agreement or allotment letter for the promised project, ultimately betraying Shaikh's trust. To add insult to injury, Nayak introduced another developer into the project, further complicating matters. Over time, the amount in question escalated to Rs 32 crore, factoring in the interest earned on the sum that had been transferred.
As the Mumbai Police initiated their investigation into this intricate case, they uncovered additional details about Nayak's legal troubles. It was revealed that Nayak had already been arrested in a separate case related to cheating and had been implicated under the Maharashtra Ownership Flats Act. Consequently, he was incarcerated in Arthur Road jail, exacerbating the seriousness of his legal situation.
Delving deeper into their inquiry, the police meticulously collected evidence, including Nayak's financial records and books of accounts. These records served to corroborate the allegation that the substantial sum had indeed been transferred from Shaikh into Nayak and his wife's accounts, further strengthening the case against the accused.
This incident highlights the importance of due diligence and transparency in business transactions, especially in the real estate sector, where substantial sums of money are often involved. It serves as a cautionary tale for both builders and investors, emphasizing the necessity of legally binding agreements and a clear understanding of project terms and conditions to avoid falling victim to fraudulent schemes.
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