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The Mumbai police arrested Niraj Vaid (54), the director of Srinath Builders, from his Ghatkopar residence on Sunday. He was produced before a local court on Monday and remanded in two days of police custody.
This arrest stems from a cheating case filed earlier this year. Niraj faces approximately 10 cases related to cheating and forgery, mainly in Ghatkopar, Tilak Nagar, Bhandup, and Mulund. This specific case revolves around a complainant who paid nearly Rs 3.3 crore for a 1,620 sq ft flat in a Ghatkopar housing project over the past three years. Srinath Builders allegedly failed to complete the project on time, causing a delay in handing over possession.
The complainant in the current case had entrusted a significant sum—approximately Rs 3.3 crore—with the expectation of acquiring a 1,620 sq ft flat in Ghatkopar. However, the completion of the housing project faced delays, resulting in the builder's failure to deliver possession within the promised time frame. This led to the initiation of the cheating case and, subsequently, Niraj's arrest.
This recent incident echoes a similar situation in 2020 when Niraj faced arrest by the Economic Offenses Wing (EOW) for purportedly defrauding flat buyers of a collective sum of Rs 6 crore. During that episode, Niraj and his wife, Sapna, who also holds a directorial position at Srinath Builders, were implicated under the Maharashtra Flat Owners Act (MOFA).
A group of flat buyers had moved the court complaining that the developers had abandoned several projects in which they had booked flats. In some projects, the society members pooled in their own money to complete the work. Following this, the Bombay high court had issued an order restraining him from selling or creating third party rights in his under-construction projects in Bhandup, Ghatkopar and Kurla. The court directed the police to register the complaints against the developer.
The charges alleged that the couple accepted bookings for flats but instead sold them to third parties, violating the regulatory framework. Vaid is also wanted in cheque bouncing cases and illegally breaking into a flat sealed by Maharashtra Real Estate Regulatory Authority.
Niraj Vaid's legal troubles appear to be recurring, pointing to a pattern of alleged malpractices within Srinath Builders. This development underscores the ongoing challenges faced by buyers in the real estate sector, emphasizing the importance of regulatory adherence and transparency in construction projects to safeguard the interests of investors and homebuyers alike.
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