Daijiworld Media Network - Mumbai
Mumbai, Dec 19: Mumbai-based real estate developer Neeraj Vora, director of Aiko Builders Pvt Ltd, has been booked for allegedly cheating a Vasai-based construction businessman of several crores in a land development deal involving a property in Mira Road. The Manikpur police registered an FIR against Vora on Monday on charges of cheating and forgery following a complaint filed by Akash Gupta.
According to the complaint, the alleged fraud dates back to 2021, when Vora approached Gupta seeking financial investment for the development of a 2-acre, 25.75-guntha land parcel in Mira Road, Thane district. Vora reportedly claimed ownership of the land and proposed a development project requiring an overall investment of Rs 30 crore. As part of the deal, he allegedly promised to allot Gupta 1,00,000 square feet of constructed area at a rate of Rs 2,970 per square foot.
Relying on these assurances, the two parties executed a memorandum of understanding on September 15, 2021. Between September 21 and September 29, 2021, Gupta transferred Rs 2.75 crore to Vora through multiple RTGS transactions. The complainant stated that on September 30, 2021, Vora issued written acknowledgements, receipts and transaction records confirming receipt of the funds. As purported security for the transaction, Vora allegedly handed over 26 post-dated cheques amounting to nearly Rs 31 crore.
The FIR further states that in January 2022, Vora informed Gupta that he had entered into a joint development agreement with another builder for the same Mira Road land. However, he allegedly reassured Gupta that the area promised under their agreement would remain exclusively reserved for him. Despite repeated follow-ups, Gupta claimed that no development work commenced and the promised land allotment never materialised.
On January 15, 2023, a fresh agreement was allegedly executed, under which Vora agreed either to honour the original land allotment or buy back the promised area at a revised rate of Rs 5,841 per square foot, assuring higher returns. Under this arrangement, Vora was required to pay Rs 31.46 crore to Gupta. The complainant alleged that only Rs 1.30 crore was repaid, leaving an outstanding amount of Rs 30.16 crore.
Gupta further alleged that during this period, Vora transferred or dealt with the same land parcel in favour of third parties while retaining the funds paid by him. Claiming that the money was misappropriated for personal use and that the assurances were made with fraudulent intent from the outset, Gupta approached the Manikpur police and lodged a formal complaint.
Police officials confirmed that an FIR has been registered and said a detailed investigation is underway. Authorities are examining bank transactions, agreements, land ownership records and the role of Aiko Builders Pvt Ltd in the alleged offence.