Director of realty firm Metro Developers arrested for cheating
Suresh Jain, director of Metro Developers was arrested by Turbhe MIDC police on a complaint by a property investor Ketan Chugh, who alleged the directors and partners of three realty firms indulged in cheating and forgery to usurp a Nerul plot which he bought in 2008.
The FIR was registered on October 17. Other accused are absconding, including one Shakuntala Kulkarni, who claimed to be the heir of the deceased land owner Maya Kaikani. According to the FIR, in 2004, Cidco allotted 3,680 sq m plot in Nerul, to Kaikani. It changed hands twice and Chugh bought it for Rs 14.73 crore and made part payment of Rs 25 lakh.
As he waited for Cidco’s approval, in 2015 he learnt Metro Developers was selling flats in a tower on the plot. He learnt Kulkarni entered into a deal with Cidco and the plot changed hands thrice, ending with Metro in 2015.