South Mumbai Property Fraud Unveils Shocking Real Estate Scam

A 72-year-old man involved in a property firm was arrested for illegally selling tenant rooms in a deteriorating building in South Mumbai. The properties were sold for approximately Rs 2.80 crore. Four individuals, including the arrested Shikharchand Jain, face charges of cheating and forgery.

In a dramatic turn of events, a 72-year-old partner in a Mumbai firm has been arrested for selling tenant-occupied rooms in a dilapidated building, authorities revealed on Wednesday. The illicit property sales reportedly fetched around Rs 2.80 crore.

The arrested individual, Shikharchand Hanumantraj Jain of Rishi Enterprises, is accused of deceiving elderly tenants by promising to rebuild the structure before selling it illegally. The police have identified other suspects as Premlata Shikharchand Jain, Narendra Kumar Hanumantraj Sanghavi, and Hastimal Kataria, who remain at large.

The case involves charges of cheating and forgery, with violations under the Maharashtra Rent Control Act. Authorities stated that tenants Kamladevi Gupta and Navalkishore Gupta were ordered by a court to vacate. The illegal possession was transferred in November 2021.