Parksite police have registered a case against Suresh Chanchaldas Asrani, proprietor of Chanchaldas and Sons, and his son, Abhishek Suresh Asrani, for allegedly defrauding a 63-year-old textile businessman of Rs 6 crore through an investment proposal linked to a residential redevelopment project in Mahul, Chembur.
The complainant, Vinod Sohanlal Jawar, has alleged that the father-son duo promised to return double his investment within 14 months or allot him 14 flats in the proposed Oceanic Tower project. However, according to his complaint, neither the promised money nor the flats were delivered.
Investment Opportunity Introduced in 2015
According to the FIR, Jawar lives with his family in Hiranandani Gardens, Powai, and operates Dhanlaxmi Fabrics Limited, whose office is located in Parksite, Vikhroli West. He was introduced to Sheetal Magdum through Sheetal Manere. Magdum allegedly encouraged him to invest with construction professionals known to her, claiming that the arrangement could generate substantial returns.
In October 2015, Magdum and Krishna Mudaliar reportedly accompanied the Asranis to Jawar’s office and presented the Oceanic Tower redevelopment proposal for a property at City Survey No. 90 in Chembur. The accused allegedly showed him a building plan and assured him that his investment would double within 14 months.
The complaint further states that the proposed arrangement included interest at 18% if repayment was delayed by up to seven days beyond the agreed deadline, followed by interest at 36% for any longer delay. Alternatively, the investor was allegedly promised flats if the money could not be repaid.
Documents Allegedly Promised Rs 12 Crore Repayment
On November 1, 2015, a written undertaking on the company’s letterhead reportedly committed to repaying Rs 12 crore against the original Rs 6 crore investment by December 31, 2016. The complaint states that the document carried Abhishek Asrani’s signature.
A sale agreement executed in October 2015 allegedly offered 14 flats of 1,100 square feet each, covering a combined area of 15,400 square feet, along with car parking. The agreement reportedly stated that the accused would bear the entire cost of executing the sale deeds. A separate allotment letter was also allegedly issued.
Repayment Allegedly Never Made
Trusting the assurances, Jawar transferred Rs 6 crore from Dhanlaxmi Fabrics Limited’s Kotak Mahindra Bank account in Dombivli East to the company’s Federal Bank account.
After the repayment deadline passed, Jawar visited the project site in January 2017 and found construction underway. Despite repeated follow-ups, the accused allegedly failed to return the money or hand over the promised flats.
The complaint states that the site now houses Chereswar Co-operative Housing Society Ltd., where construction reportedly reached seven floors and residents occupy the flats.
Parksite police have registered a case under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and launched an investigation. The allegations are yet to be established in court.
Source: The Free Press Journal
