The Manikpur police in Mumbai have registered a formal case against a prominent city-based builder for allegedly orchestrating a multi-crore real estate fraud. The accused, Neeraj Vora, Director of Aiko Builders Pvt Ltd, stands charged with cheating and forgery following a complaint by a Vasai-based construction businessman.
The Promise of a Mira Road Development
According to the First Information Report (FIR), the complainant, Akash Gupta, was approached by Vora in 2021. Vora sought funds to develop a 2-acre 25.75-guntha land parcel located in Mira Road, Thane. He promised to allot 100,000 square feet of the developed property to Gupta at a rate of Rs 2,970 per square foot.
Vora reportedly claimed ownership of the land and stated that a total investment of Rs 30 crore was needed for the project. Based on these assurances, the two parties executed a Memorandum of Understanding (MoU) on September 15, 2021.
Funds Transferred and Broken Assurances
Acting on the agreement, Akash Gupta transferred a sum of Rs 2.75 crore to Neeraj Vora through multiple RTGS transactions between September 21 and September 29, 2021. Vora provided written acknowledgements, receipts, and transaction documents confirming the receipt of the money on September 30, 2021.
As security for the deal, Vora allegedly handed over 26 cheques amounting to approximately Rs 31 crore. However, the situation took a turn in January 2022, when Vora informed Gupta that he had entered into a joint development agreement with another builder for the same land. Despite this, he reassured Gupta that the promised 100,000 sq ft would still be allotted to him.
Gupta alleged that despite repeated follow-ups, no development work began on the land, nor was the promised allotment handed over.
A New Agreement and Further Allegations
Subsequently, a fresh agreement was executed on January 15, 2023. Under this new arrangement, Vora agreed to either allot the land as initially promised or buy it back at a significantly higher rate of Rs 5,841 per square foot, which would have provided substantial returns to Gupta.
As per this buy-back clause, Vora was required to pay Rs 31.46 crore to the complainant. Gupta has alleged that only Rs 1.30 crore was returned, leaving a massive outstanding amount of Rs 30.16 crore.
The FIR further states that during this period, Vora transferred or dealt with the same Mira Road land parcel in favour of other parties, while retaining the money paid by Gupta. The complainant accused Vora of misappropriating the funds for personal use and making all assurances with dishonest intent from the beginning.
Police Investigation Underway
After approaching the Manikpur police with his grievances, an FIR was officially registered against Neeraj Vora on Monday. Police officials confirmed that a thorough investigation is now in progress.
The probe will examine all related bank transactions, the executed agreements, relevant land records, and the specific role of Aiko Builders Pvt Ltd in the entire matter. The case highlights the risks in high-value real estate deals and the severe allegations of forgery and financial cheating now facing the builder.
