Pune: Builder Files Complaint Against Construction Company for Rs 14.5 Crore Fraud
Pune, 26th February 2023: Two directors of Galaxy Construction and Contractors have been accused of defrauding builder Vijay Jagdishchandra Agarwal of Rs 14.5 crore. The directors, Ashok Shivnarayan Thepde and Amit Ashok Thepde, have been charged with creating fake documents, violating the contract and cheating. Amit Thepde has been arrested in connection with the case, while the court has ordered his custody till Monday (27th).
Agarwal had given the directors 26 acres of land in Pashan in 2006 for development under a partnership agreement. The agreement stipulated that no construction mortgage or bank loan was allowed and the work had to be completed within 15 months from the approval of construction maps. However, the construction was not completed as per the agreement, and the deadline was extended. Additionally, no right of possession was given to any third person.
Galaxy Construction Company is accused of creating a fake construction plan for a seven-storey building, while only allowing for two floors. The company then obtained a loan of Rs 24 crore from a bank in Pimpri Chinchwad, under the pretense that it was approved by the Municipal Corporation, and a guarantor’s signature was forged. Another loan of around Rs 6.5 crore was also obtained from another bank.
Furthermore, Thepade sold a shop worth Rs 4 crore and an office worth Rs 10.5 crore of Agarwal’s share. The prosecution alleges that the fraud amounts to Rs 14.5 crore. Police sub-inspector Manish Tule of Chatushrungi police station is investigating the case.
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