Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
The Manikpur police in Mumbai have registered an FIR against Neeraj Vora, director of Aiko Builders Pvt Ltd, for allegedly cheating a Vasai-based construction businessman of more than INR 30 crore in a real estate transaction linked to a land parcel in Mira Road. The complaint alleges that Vora misrepresented his ownership of the land and induced the investor with assurances of allotting a large built-up area in a proposed development. Despite receiving substantial funds and providing security cheques, the promised project failed to materialise. Subsequent agreements to either transfer the land or refund the investment at a higher valuation also allegedly went unfulfilled, with only a small portion of the money returned. Police are now investigating financial transactions, agreements and land records to determine the extent of the alleged fraud.
Mumbai's Manikpur police have filed a First Information Report (FIR) against Neeraj Vora, director of Aiko Builders Pvt Ltd, in connection with an alleged real estate fraud involving more than INR 30 crore. The case is based on a complaint lodged by Akash Gupta, a Vasai-based construction businessman, who accused Vora of cheating and criminal breach of trust in a land development deal in the Mira Road area of Thane district. Advertisement
According to the complaint, Vora approached Gupta in 2021 with a proposal to develop a land parcel measuring approximately two acres and 25.75 gunthas. Vora allegedly claimed ownership of the land and offered Gupta an allotment of around 100,000 sq ft of built-up space in the proposed project at a rate of INR 2,970 per sq ft. The total investment was projected at nearly INR 30 crore. Trusting these representations, the two parties entered into a memorandum of understanding in September 2021.
Gupta stated that between September 21 and September 29, 2021, he transferred INR 2.75 crore to Vora through multiple bank transactions. In return, he received receipts, written acknowledgements and post-dated cheques amounting to approximately INR 31 crore as security. However, the project allegedly did not progress as promised. In January 2022, Vora reportedly informed Gupta that a joint development agreement had been executed with another builder for the same land, though assurances were allegedly given that Gupta's allotment would still be honoured.
Despite repeated follow-ups, neither construction activity nor land transfer took place. In January 2023, a fresh agreement was reportedly signed, under which Vora was required to either allot the land or buy back the investment at a higher rate of INR 5,841 per sq ft, translating to about INR 31.46 crore. Gupta alleges that only INR 1.30 crore was repaid, leaving the bulk of the amount outstanding.
The complainant further alleged that Vora dealt with the same land parcel with third parties while retaining the invested funds, suggesting deliberate misrepresentation and misuse of money. Based on these allegations, the police have initiated an investigation, examining bank transactions, contractual documents, land ownership records and the role of Aiko Builders Pvt Ltd in the matter.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
