Real Estate Scandal: Directors Booked for Rs 5 Crore Fraud

Two directors of a real estate firm have been accused of defrauding a developer of nearly Rs 5 crore in a deceptive Slum Rehabilitation Authority project investment in Malad. The case involves Shah Housecon Private Limited directors Mansukh Shah and Akash Mansukh Shah.

In a pressing real estate scandal, two directors of Shah Housecon Private Limited have been charged with allegedly defrauding a developer of nearly Rs 5 crore. The alleged deception unfolded under the pretext of an investment opportunity in a Slum Rehabilitation Authority project in Malad.

Mansukh Shah and Akash Mansukh Shah, the directors, are now under scrutiny, with the case being transferred to the Economic Offences Wing (EOW). The allegations arise from a complaint by developer Nilesh Narendra Raghani, who claimed the accused presented a lucrative proposal concerning the Khothodongri SRA Society redevelopment project, only to later discover discrepancies.

According to Raghani, despite transferring Rs 5.15 crore for supposed project participation, the promised actions, such as vacating slum structures, were not delivered. Further investigations revealed that the plot's ownership lay with a charitable trust, not the accused's company. Legal proceedings are underway following these revelations.

(With inputs from agencies.)