+
Bombay HC Denies Bail to Developer in Rs.90 Lakh Scam
ECONOMY & POLICY

Bombay HC Denies Bail to Developer in Rs.90 Lakh Scam

The Bombay High Court has denied pre-arrest bail to Mumbai-based developer Rajesh Jain, who is accused of cheating a doctor out of Rs.90 lakh by promising a flat in his Parsi Colony project. Justice N J Jamadar, on August 26, highlighted the potential for other victims and criticized Jain's dishonest conduct.

In January 2012, Jain, representing himself as a reputable developer, convinced Dr. Bharati Patil and her son Dr. Nirmal to invest in 'Neumac Aura,' assuring them a flat worth double their investment. By 2016, approximately ?90 lakh had been transferred to Jain's company. Despite issuing an allotment letter for a flat in August 2019, the site showed no development. In June 2023, Jain allegedly refused to refund the money and threatened the Patils.

The court heard that the construction had only reached the ground floor, contrary to Jain's claims of BMC-related delays. Evidence showed repeated commencement certificates but no substantial progress. Jain's defense argued that the issue was a breach of contract rather than criminal cheating. However, Justice Jamadar emphasized the need to investigate Jain's intention and concluded that his custodial interrogation was necessary due to the perceived intent to defraud.

The Bombay High Court has denied pre-arrest bail to Mumbai-based developer Rajesh Jain, who is accused of cheating a doctor out of Rs.90 lakh by promising a flat in his Parsi Colony project. Justice N J Jamadar, on August 26, highlighted the potential for other victims and criticized Jain's dishonest conduct. In January 2012, Jain, representing himself as a reputable developer, convinced Dr. Bharati Patil and her son Dr. Nirmal to invest in 'Neumac Aura,' assuring them a flat worth double their investment. By 2016, approximately ?90 lakh had been transferred to Jain's company. Despite issuing an allotment letter for a flat in August 2019, the site showed no development. In June 2023, Jain allegedly refused to refund the money and threatened the Patils. The court heard that the construction had only reached the ground floor, contrary to Jain's claims of BMC-related delays. Evidence showed repeated commencement certificates but no substantial progress. Jain's defense argued that the issue was a breach of contract rather than criminal cheating. However, Justice Jamadar emphasized the need to investigate Jain's intention and concluded that his custodial interrogation was necessary due to the perceived intent to defraud.

Next Story
Infrastructure Urban

ITCONS Gains on New Rs 3.5 Million Defence Contract

ITCONS E-Solutions is trading at Rs 549.00, up by Rs 12.10 or 2.25 per cent from its previous close of Rs 536.90 on the BSE. The scrip opened at Rs 549.00 and has touched an intraday high and low of Rs 549.00, with 200 shares traded so far.A BSE ‘MT’ group stock with a face value of Rs 10, ITCONS touched its 52-week high of Rs 767.00 on 25 September 2024 and a 52-week low of Rs 166.70 on 5 August 2024. Over the past week, the stock has fluctuated between Rs 560.00 and Rs 510.60. The company's current market capitalisation stands at Rs 3.3 billion.Promoters hold 58.22 per cent of the compan..

Next Story
Infrastructure Urban

Delhi Extends EV Policy Till March 2026

The Delhi government has extended its existing Electric Vehicle (EV) Policy until 31 March 2026, or until a revised version is approved. The decision was made during a Cabinet meeting chaired by Chief Minister Rekha Gupta on Tuesday.According to Transport Minister Pankaj Kumar Singh, the draft of the new policy will undergo broader public consultation before being finalised, prompting the extension to allow time for thorough stakeholder engagement.The consultation process will include inputs from citizens, environmental groups, academic institutions, industry experts, and private firms. Key fo..

Next Story
Infrastructure Urban

Ather Crosses 400 Fast Chargers in Maharashtra

Electric two-wheeler manufacturer Ather Energy announced on Thursday that it has surpassed 400 fast charging points under its Ather Grid network across Maharashtra.The company's fast charging infrastructure now spans 35 cities in the state, including key urban centres such as Mumbai, Nashik, Pune, and Nagpur."Crossing 400 fast chargers in the state is about giving riders the assurance that they'll always find a charger when they need one. As we expand our retail presence, the charging network will continue to grow in tandem to make EV ownership truly seamless," said Ravneet Singh Phokela, Chie..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?