The Economic Offence Wing-Unit II arrested Nalin Shah, director of Shah group for cheating a Seawood-based couple. Mr. Shah was arrested on Wednesday night, produced in court on Thursday and will be in police custody till July 7.
A case of cheating the couple for ₹1.79 crore was registered with Vashi police against Mr. Shah in March. Riyazuddin Shaikh and his wife Hina had booked two shops at Mr. Shah’s project in Kharghar in 2012 and was promised possession in 2013. According to the complaint filed by Ms. Hina, Mr. Shah had not received compliance certificate (CC) for construction of the building.
“As of now only one couple has approached us, but we suspect more people could come ahead. Mr Shah claims that at the time of booking, he had not taken CC but had procured the same later,” Senior Police Inspector Raju Sonawane, EOW, unit II said.
Mr. Shaikh, a maintenance engineer with the oil and gas industry in Nigeria, had invested in the commercial property in April 2012 after he saw an advertisement for ‘Shah Kingdom’ at Sector 20, Kharghar in a hoarding near Vashi toll naka. Mr. Shaikh met Mr. Shah at his office in Arenja Corner Sector 17, Vashi, where he showed interest in buying shop number 62 with 1,200 sq ft super built-up area at ₹12,000 per sq ft. Four years later, in 2016, while the construction was still on, Ms. Hina invested in shop number 54 with 600 sq ft super built-up area at ₹15,000 per sq ft. While they paid ₹1.24 crore for shop number 62, they paid ₹65 lakh for shop number 54. Later, they learnt that the land on which the project was being constructed had legal issues.
