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

03 Sep 2024 CW Team

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.

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..