Director held for fraudulent land scheme

Director held for fraudulent land scheme
27/05/2017 , by , in News/Views

The economic offences wing (EOW) of the Pune city police has arrested the director of Temple Rose Real Estate Private Limited company on charges of cheating nearly 4,000 investors. The accused, identified as Devidas Govindram Sajnani (67), allegedly sold investors about 440 acres of land in Purandar taluka under a fake plotting scheme that offered good returns. Later, he allegedly sold the same land to 11 others by using forged documents. The complaint in the case was lodged by Nitin Rishidatta Shukla Tiwari (34), of NCL Colony in Pashan, at the Chaturshringi police station.

Police had booked Sajnani, his wife Vanita, daughter Deepa and two others, identified as Keshav Narayan and Marx Thorat, under sections 409, 420,467, 468 120 (b), 34 of the Indian Penal Code, sections of the Maharashtra Protection of Depositors (in financial establishments) Act, and sections of the Prize Chit and Money Circulation Act.

The real estate company had allegedly collected over Rs 2.13 crore from Tiwari and other investors by promising them plots and huge financial returns in a scheme in Pingori village in Purandar taluka.

The company had claimed that these were proposed Non-Agriculture (NA) plots. Police said that company offered four schemes — buy back, guaranteed double income in four years, equated monthly installments and income growth schemes — and attracted about 4000 investors between 2013 and 2017.

Investigation Officer Rajesh Puranik said officials of the company allegedly sold the land to these investors by signing notarised agreements, but no land was allocated to them. The plotting of the land was never done and it was never converted for NA purpose. The company officials allegedly sold the land to 11 persons by using forged memorandum of understanding and sale deed documents.

So far, 15 investors including Tiwari have come forward to file a complaint against the company. Deputy Commissioner of Police, EOW, Sudhir Hiremath said Sajnani was arrested from Mumbai and produced before a magistrate court on Thursday. The court has remanded Sajnani to police custody for five days.

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