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Mumbai Police's Economic Offences Wing has arrested a developer in connection with an alleged INR 55 crore redevelopment fraud linked to a housing society in Versova, Andheri. The case relates to a 13-flat residential redevelopment project where residents claim their properties were misused through forged agreements and illegal transactions. According to investigators, flats meant for original society members were mortgaged to banks and sold to third parties without their consent. The arrest follows an earlier action against another developer involved in the project, and authorities are now examining financial records and property documents to trace the full extent of the fraud.
Mumbai Police's Economic Offences Wing (EOW) has arrested a developer for his alleged involvement in a housing redevelopment fraud worth around INR 55 crore in Versova, located in the western suburbs of Mumbai. The case relates to the redevelopment of a cooperative housing society building where residents claim that property documents were misused and flats were illegally mortgaged and sold without their approval. Advertisement
The arrested accused, Amrut Uttam Mahendrakar, aged 34, is a developer from Ichalkaranji in Kolhapur district. According to investigators, he was involved in preparing forged documents and facilitating transactions linked to the redevelopment project. Police officials stated that the case involves the redevelopment of a residential building consisting of 13 flats belonging to members of the Zakaria Aghadi Nagar No. 3 Cooperative Housing Society in Versova.
The complaint in the case was filed by Meena Singh Thilon, a 71-year-old resident of the housing society. In her complaint to the Versova police, she stated that the redevelopment process had been misused and that property rights belonging to society members were transferred or mortgaged without their knowledge. The matter was later transferred to the Economic Offences Wing due to the scale of the financial transactions involved.
During the investigation, officials found that several documents related to redevelopment agreements, flat allotments and financial transactions had allegedly been fabricated. Police stated that flats which were originally meant to be allotted to existing society members after redevelopment were used to secure bank loans and were also sold to outside buyers. These transactions were reportedly carried out without the consent of the society or the original residents.
Investigators believe the accused developer played a role in preparing and managing these documents and transactions. Through these actions, the accused and other individuals involved in the scheme allegedly generated funds by mortgaging and selling flats that were not legally theirs to transfer. The total financial impact of these transactions has been estimated by investigators at approximately INR 55 crore.
The arrest of Mahendrakar is the second major development in the case. Earlier, police had arrested Amarjit Shukla, who is associated with the redevelopment project and is the owner of Mid City Heights. Authorities suspect that multiple individuals were involved in carrying out different parts of the alleged fraud, including documentation, loan processing and property sales.
Officials from the EOW's housing unit are continuing to review bank loan records, redevelopment agreements and property registration documents linked to the project. The investigation is also examining whether additional buyers, intermediaries or financial institutions were unknowingly involved in transactions related to the disputed flats.
Cases related to redevelopment disputes have been reported in several parts of Mumbai in recent years, especially in older residential buildings where societies depend on private developers to rebuild housing. In some instances, misuse of redevelopment agreements and forged documentation has led to legal disputes, financial losses and delays in project completion for residents.
Authorities said the probe into the Versova redevelopment case is ongoing, and further action may be taken if more individuals are found to be connected with the alleged fraudulent transactions.
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