Rs 50 Crore Housing Scam Uncovered in Pune; Builder Booked for Cheating 150 Homebuyers
Kesnand, 16th June 2026: A major housing fraud worth approximately ₹50 crore has surfaced in Pune’s Kesnand area of Haveli taluka, with nearly 150 homebuyers allegedly being duped by a builder who promised them commercial and residential units in a proposed housing project but failed to deliver.
The Wagholi Police have registered a case against Sameer Ravindra Jain, a resident of Market Yard, Pune, following allegations that he collected large sums of money from prospective buyers under false assurances of providing possession of units within a stipulated period.
The complaint was lodged by Sukhjitsingh Nirmalsingh Saini, Chairman of Ravinanda Towers AOP and a resident of Shukrawar Peth.
According to police investigations, Jain entered into a joint venture agreement with farmers and landowners in Kesnand in July 2015 for the development of a commercial and residential project. He allegedly assured investors and buyers that the project had obtained, or would obtain, the necessary approvals from the District Collector’s office and the Pune Metropolitan Region Development Authority (PMRDA). The project, he claimed, would be completed within five years.
Trusting these assurances, around 150 buyers invested nearly ₹50 crore in the project. However, despite collecting the funds, the builder allegedly failed to hand over the promised commercial spaces and residential apartments. Since 2018, the buyers have reportedly been left waiting without possession of their units or any satisfactory explanation regarding the project’s delay.
The alleged fraud has left several families facing financial uncertainty, with many having invested their life savings in the hope of owning a home or securing commercial property.
Police have initiated legal proceedings against the accused, and the matter is currently being investigated by Police Inspector Mohan Khandare of the Economic Offences Wing (EOW). Authorities are examining financial records and transaction details to determine the extent of the alleged fraud and identify any additional individuals who may have been involved.
The case has once again highlighted the importance of conducting thorough due diligence before investing in real estate projects and verifying all statutory approvals with the concerned authorities.
