Four partners of Punjalal G Dave Realtors LLP have been booked by the Ghatkopar police following a complaint by a 63-year-old resident alleging fraud. The resident claimed the developer deceived him into investing in a redevelopment project in 2011, failed to return his investment and profit, and cheated him of Rs. 3.91 crore. Maulik Dave, one of the firm’s directors, denied the allegations and asserted that the complainant, Sanjay Dhawan, owes the company a substantial amount.
According to Dhawan’s complaint, his late father, Janakraj, was a close friend of Harshadbhai Dave, the former owner of the firm. Janakraj had invested Rs. 5.5 crore in the company.
In 2005, Kalpesh Seth, a director at Seth Builders and a committee member of Jai Arihant Housing Society in Ghatkopar, approached Janakraj to invest in the society’s redevelopment. Between 2008 and 2010, they paid Seth Rs. 82.63 lakh. However, the project stalled in 2011, and the power of attorney was transferred to Sanjay. The society later decided to hand over the incomplete project to Punjalal Dave’s firm, and Dhawan provided a no-objection certificate, as stated in the FIR.
Dhawan claimed that per the agreement with the company, he was to receive two shops in the completed project and Rs. 1.5 crore. However, these commitments were allegedly not met. In April 2011, an agreement was signed between the realty firm, Jaysinh, Janakraj and Sons LLP, and Dhawan’s family, stating that Aspria Constructions LLP would complete the redevelopment. Between April and December 2013, Dave returned Rs. 3.29 crore of the Rs. 3.50 crore invested by the Dhawans in the project.
Dhawan further alleged that the Daves convinced him to invest in two additional projects—Chandani CHS in Ghatkopar and Arihant Siddhi Apartment in Borivali—promising him 25% of the saleable area. From 2013 to 2015, Dhawan allegedly paid Rs. 3.91 crore via cheque, which were never deposited in Aspria Constructions but in personal accounts. When Dhawan demanded his investment back, the Dave group reportedly refused to entertain him and instead issued threats.
Maulik Dave stated, “The entire FIR is bogus. We have filed a civil suit against him. Pending that, how can an FIR be lodged? We will pursue all legal remedies to quash the FIR. Dhawan has managed to lodge an FIR using lies. He owes our company Rs. 34 crores.”
