Pune: Developer Booked for Cheating and Extortion in Rs 4-Crore Panache Building Deal
Wanowrie, 20th May 2025: The Pune City Police has registered a case against developer Umesh Pillay in a cheating and extortion case involving luxury apartments at the Panache Building in Sopan Baug. The FIR (No. 0210/2025) was filed today by Wanworie police station for offences under sections 270, 303, 303(1), 308, 316, and 318(3) read with 3(5) of the Bharatiya Nyaya Sanhita (BNS).
The complaint was initially filed by businessman Manoj S. Mittal on October 17, 2024, with Commissioner of Police Amitesh Kumar (IPS) and was later forwarded to Wanowrie Police Station for investigation.
Mittal and Pillay are partners in Cedrus Assets AOP, an association of 29 investors who jointly funded the construction of Panache, a high-end residential project with 24 luxury apartments—each accompanied by three garages.
According to the FIR, Pillay allegedly misled Dubai-based crypto investor Sushant Malik and his wife Ruksher, inducing them to invest over ₹4 crore in two flats—Nos. 303 and 403. Despite receiving payment, the sale deeds were never registered, and the building lacks an Occupation Certificate (OC). A significant amount of GST is also suspected to have been evaded.
Further, it is alleged that the two flats were illegally merged into a duplex by constructing an internal staircase, in violation of building codes. Malik claims he paid an additional ₹30 lakh to Pillay for structural modifications, which Pillay falsely claimed were approved by the Pune Municipal Corporation (PMC).
A PMC Fire Department inspection six months ago reportedly flagged this modification as a serious fire hazard, yet no action has been taken by PMC authorities despite complaints filed with PMC Commissioner Dr. Rajendra Bhosale.
Other Cedrus Assets partners were reportedly unaware of this transaction. Malik and his wife, along with their three dogs, have been illegally occupying the apartments, the complaint states.
Statements have been recorded from key individuals, including Nilesh Bajaj, a prominent wealth advisor and power of attorney (POA) for 50% of Cedrus Assets partners, and Ankush Mehta, another developer and POA for Umesh Pillay.
Summons have been issued to other partners by the Investigating Officer (IO).
Mittal has alleged that he and his cousin Bharat Mittal have incurred losses exceeding ₹1.85 crore, due to Pillay’s “dubious and sinister” actions. He further alleges that Pillay has refused to return their dues unless they withdraw complaints filed with the police and PMC—actions which, if proven, amount to extortion and criminal intimidation.
The market value of each of the disputed flats is estimated at over ₹4 crore.
“This is not just a case of cheating my client Manoj Mittal and his cousin Bharat,” said Advocate Amit Bhowmik, representing Mittal. “It’s also a grave fraud on Sushant Malik, who invested crores in flats that have neither registered sale deeds nor an OC. Despite a fire safety report pointing out the hazard, the PMC has remained inactive. This raises serious concerns, especially in light of the recent demolition of 36 illegal bungalows by PCMC for similar violations.”
The investigation is being led by Senior Police Inspector Satyajeet Admane.
