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Jayesh Tanna, a builder currently jailed in Arthur Road jail, faces his ninth FIR for alleged fraud against 28 flat buyers, amounting to Rs 40 crore. These cases span various locations across Mumbai, and most revolve around Tanna and his family members purportedly selling flats to third parties.
The present case is related to a 2012 redevelopment housing project in Goregaon owned by Sai Siddhi, in which Tanna had a stake. Tanna was redeveloping the building where he was to rehabilitate the old tenants and sell some flats in the open market.
A flat buyer named Bhavin Barot intended to purchase a flat within the Pearl CHS building in Goregaon, part of Tanna's redevelopment plans. Barot entered into a sale agreement for a flat worth Rs 1.6 crore, with the expectation of taking possession in January 2013. However, in 2016, Barot became aware of a dispute between the developer and the old tenants involved in the project.
By 2018, the old tenants decided to terminate the redevelopment agreement with Tanna, which prompted Barot to file an arbitration case against the builder. This action brought to light that there were 27 additional flat buyers who had been similarly affected by this situation.
Initially, these distressed flat buyers sought assistance from the committee members of the housing society, Pearl CHS. When their efforts did not yield the desired resolution, they turned to the police, prompting the filing of FIR’s. Notably, there is a possibility that this case will be transferred to the police's economic offenses wing, underscoring the seriousness of the allegations against Tanna and his family members.
This development signifies an ongoing legal saga surrounding Tanna's alleged fraudulent activities in the real estate sector, with multiple cases exposing the extent of his purported misconduct. It raises questions about the efficacy of oversight and accountability in real estate transactions and underscores the challenges faced by innocent buyers caught in such situations, potentially resulting in significant financial losses.
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