In a significant case of alleged financial misconduct in Mumbai's real estate sector, city-based builder Neeraj Vora, the director of Aiko Builders Pvt Ltd, has been formally charged with cheating a construction businessman of a staggering Rs 30 crore. The First Information Report (FIR) was registered by the Manikpur police on Monday, marking a serious escalation in the dispute over a land parcel located in Mira Road.
The Core of the Allegations
The complainant, identified as businessman Akash Gupta, has presented a detailed chronology of events to the police. According to the FIR, Neeraj Vora approached Gupta in 2021 with a proposal. Vora sought funds to develop a two-acre 25.75-guntha land plot at Mira Road. He reportedly promised to allot Gupta 1 lakh square feet of the developed property at a fixed rate of Rs 2,970 per square foot. Vora allegedly 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. Acting on the agreement, Akash Gupta transferred a sum of Rs 2.75 crore to Neeraj Vora between September 21 and September 29, 2021, through multiple RTGS transactions. Official acknowledgements, receipts, and transaction documents confirming the receipt of this money were issued by Vora on September 30, 2021.
Broken Promises and a New Agreement
As security for the substantial deal, Vora allegedly handed over 26 cheques amounting to approximately Rs 31 crore to Gupta. 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 Mira Road land. Despite this, Vora reassured Gupta that the promised 1 lakh square feet would still be allotted exclusively to him.
The complainant alleges that despite repeated follow-ups, no development work commenced on the land, nor was the promised allotment handed over. In an attempt to resolve the impasse, a fresh agreement was executed on January 15, 2023. Under this new arrangement, Neeraj Vora agreed to either finally allot the land as originally promised or to buy it back at a significantly higher rate of Rs 5,841 per square foot, which would assure substantial returns to Gupta.
This revised deal required Vora to pay Rs 31.46 crore to Akash Gupta. Shockingly, the FIR states that only Rs 1.30 crore was returned, leaving a massive outstanding amount of Rs 30.16 crore. Gupta further claims that during this period, Vora transferred or dealt with the same land parcel in favour of other parties while retaining the money paid by him.
Legal Repercussions and Ongoing Probe
Akash Gupta approached the Manikpur police, alleging that his funds were misappropriated for personal use and that all assurances given by Neeraj Vora were made with dishonest intent from the beginning. Based on his formal complaint, the police have registered an FIR against Vora for charges including cheating and forgery.
An investigation is currently underway to scrutinize the complex financial web of this case. Authorities are examining all related bank transactions, the series of agreements signed between the parties, the relevant land records, and the specific role played by Aiko Builders Pvt Ltd in the entire episode. The outcome of this probe will be crucial in determining the legal path forward for both the accused and the complainant.
This case highlights the risks and potential for malpractice in high-value real estate transactions, underscoring the importance of thorough due diligence. The Mumbai police's action signals a crackdown on such alleged fraudulent activities within the property market.
