Mumbai Crime: 70-Year-Old Developer Booked For Cheating Businesswoman Of ₹50 Lakh In Redevelopment Flat Fraud

Mumbai: The Vanrai police have booked a 70-year-old developer for allegedly cheating an acquaintance of Rs 50 lakh. According to the complainant, Sangita Raut, 55, the accused, Mahendra Mhatre, the owner of Vastu Shilp Developers, took the money in 2009 on the pretext of investing it in a redevelopment project.

Complaint Filed After Delay

Raut didn't approach the police until 2020 as her husband had “family relations” with Mhatre, but finally lodged the cheating complaint upon learning that the accused had been booked for cheating earlier too. Mhatre has cheated several individuals in a similar way, alleged Raut.

Flat Promised Against Investment

According to the FIR, Raut is a businesswoman involved in banquet hall management and resides in Goregaon West, while Mhatre’s office is located in Goregaon East. Raut’s husband, Parag, and Mhatre have known each other for several years.

In January 2009, Mhatre told Parag that he needed Rs 50 lakh for a redevelopment project and offered to give 893 sq ft flat in another project within two years if the couple made the 'investment'.

Written Agreement And Payment

As per the FIR, Mhatre said that if he failed to keep his promise, he would pay 24% annual interest on Rs 50 lakh. Initially, he had not agreed to sign a written agreement, alleged Raut, adding that he finally signed an agreement in March 2009 after much insistence. She claimed to have paid around Rs3 lakh for stamp duty and registration for the said flat.

Money Paid Through Cheques

After signing the agreement, Raut said that she issued a cheque of Rs 10 lakh in favour of Vastu Shilp Developers followed by another cheque of Rs 40 lakh in April 2009.

Two years later when the couple sought the flat, Mhatre told them that the construction had not been completed, said the FIR. The Rauts alleged that they have been asking him to return their money since 2015, however, he continued to take advantage of the familial relations.

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FIR Registered At Vanrai Police Station

The couple finally filed a police complaint against him in 2020 when they came to know that Mhatre had been named in a cheating case filed at the Vanrai police station. An FIR for cheating and criminal intimidation was lodged against him on September 20.

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