A first information report [FIR] has been filed by the Mumbai Police against a Mumbai-based builder named Neeraj Vora, director of Aiko Builders Pvt Ltd, for allegedly cheating a construction businessman to the tune of almost ₹30 crores in a real estate deal regarding a piece of land in Mira Road. A case has been filed under charges of cheating and forgery at the Manikpur police station, with an investigation in progress.
According to the police complaint, this fraud took place in 2021, when the complainant, Akash Gupta, a construction businessman based in Vasai, received an offer from Vora to join hands in developing a two-acre and 25.75-guntha land property in Mira Road. According to Vora, he purportedly possessed this land, and he allegedly gave Gupta an allotment of one lakh square feet in this land at the cost of ₹2,970 per square foot. An investment of ₹30 crores would be needed to implement this project, he claimed.
Upon this, an MoU has been entered into between both parties on September 15, 2021. Gupta made a total transfer of ₹2.75 crore to Vora from September 21, 2021, to September 29, 2021, in different RTGS transfers. According to police records, Gupta received written acknowledgement, receipt, and transfer documents regarding the amounts that had been transferred by Vora on September 30, 2021. Furthermore, Gupta received 26 post-dated cheques worth approximately ₹31 crore from Vora in connection with the security agreement.
The FIR further alleges that in January 2022, Vora introduced Gupta to a different developer for a joint development agreement on the same piece of land. He allegedly assured Gupta, however, that he would receive the promised allotment of one lakh square feet in the agreement, exclusive to him only. Gupta reported no development took place on the land nor was possession/allotment gifted to him on numerous follow-ups.
On January 15, 2023, a fresh agreement was allegedly executed between the parties. Under the revised terms, Vora reportedly agreed either to allot the promised land or buy it back at a higher rate of ₹5,841 per square foot, assuring enhanced returns. As per this arrangement, Vora was required to pay ₹31.46 crore to Gupta. However, the complainant alleged that only ₹1.30 crore was repaid, leaving an outstanding amount of ₹30.16 crore.
Gupta further alleged that during this period, Vora transferred or otherwise dealt with the same land parcel in favour of third parties while retaining the funds paid by him. Claiming that the money was misappropriated for personal use and that the assurances were made with dishonest intent from the outset, Gupta approached the Manikpur police and lodged a formal complaint.
According to statements by police officials, the case would be probed by examining banking transactions, agreements, property ownership documents, and the extent of Aiko Builders Pvt Ltd’s involvement in committing the offence. The statements of interested parties would also be taken into record as part of the investigation process. Till now, there have been no arrests made in connection with the case.
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