Real Estate Developers Nirmal Life’s Rajiv and Dharmesh Jain have been arrested by the Economic Offences Wing of the Mumbai police for failing to provide possession to several home buyers. According to the police, the developers allegedly did not hand over the flats to around 34 homebuyers after taking money from them.
The arrests have been made regarding real estate projects named Olympia, Panorama and Spirit.
The complaint states that homebuyers made booking for flats in 2011 and paid the amount for the same, however, neither the project began nor were they given possession of any house.
“We arrested both Dharmesh and Rajeev Jain in connection to First Information Report (FIR) filed in April 2022. We produced them in local court and have got police custody till May 03,” an EOW official told Moneycontrol on condition of anonymity.
“There is one more FIR against the developers in FIR files against them for allegedly not giving possession, and investigation regarding the same is ongoing in those cases too. This FIR was filed by homebuyers in December 2022. This includes projects namely Nirman Zircon etc in the Mulund area of Mumbai,” he added.
Nirmal Developers, well-known real-estate developers from Mumbai, have reportedly been facing financial crunches. The company is involved in various construction projects around the Mumbai Metropolitan Region (MMR), but possession is delayed for quite some time now.
Some media reports also suggest that Nirmal Lifestyle Mall owned by the developer has allegedly been taken over by the Bank of Baroda (BoB) owing to the non-payment of a loan amounting to around Rs 161 crore.
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