Pune: EOW Probes Rs 12.58 Crore Real Estate Fraud Case Against Gagan Group Directors

Koregaon Park, 17th July 2026: The Economic Offences Wing (EOW) of Pune Police has launched an investigation into an alleged real estate fraud worth ₹12.58 crore after registering a case against Gagan Group directors Sushil Agarwal and Vishal Agarwal. The case pertains to the group’s residential project, “The Vibe,” located on Koregaon Park Road.

The FIR, initially registered at Koregaon Park Police Station, alleges cheating and criminal breach of trust in connection with an investment made by an 80-year-old businessman and his wife. Following the registration of the complaint, the investigation was transferred to the EOW.

According to police, the complainant, a retired warehouse entrepreneur, had invested in the housing project in 2016 after being assured that he would receive six residential flats. The couple allegedly paid ₹11 crore towards the purchase.

Police said that when possession of the flats was not handed over by 2019, the developers allegedly proposed an alternative arrangement by offering three commercial shops in another proposed project on Boat Club Road.

However, the complainant alleged that even after waiting for several years, the promised commercial units were never delivered. Upon visiting the site of the proposed Boat Club Road project, he reportedly found that construction had not commenced.

Based on the complaint, police have booked the accused under relevant sections pertaining to cheating and criminal breach of trust. The total value of the alleged fraud has been estimated at ₹12.58 crore, according to the FIR.

Assistant Police Inspector Kalyani Pandole of the EOW confirmed that the agency has taken over the investigation and is examining the financial transactions, agreements and other documentary evidence related to the case.

Further investigation is underway.