Pune Police Book Phoenix Mills & Vamona Developers Directors for Rs 25 Crore Fraud
Viman Nagar, 6th January 2026: The Vimantal Police have registered a case of cheating and criminal breach of trust against ten individuals, including top directors and officials of Phoenix Mills Limited and Vamona Developers Pvt. Ltd. The FIR alleges a fraud amounting to approximately ₹25 crore involving commercial spaces at the ‘East Court Phoenix Market City’ in Viman Nagar.
The complaint was filed by Kishore Balram Nichani (65), a resident of Juhu, Mumbai, who runs a restaurant business under BJN Hospitality.
According to FIR No. 0006/2026, the police have booked:
Atul Ashok Ruia
Gayatri Atul Ruia
Shishir Shrivastav
Amit Sathe
Rajiv Malla
Dipesh Gandhi
Saurabh Sinha
Amit Kumar
Gaurav Sharma
Ashish Patel
The Allegations
The complainant states that between 2012 and 2014, he purchased commercial units on the second floor of the mall (Units 1-3 and 4-10) to open restaurants. He alleges that the developers made false promises regarding the “Freehold Land” status and the specific area measurements to induce the purchase.
The primary allegations cited in the FIR include:
Area Discrepancy: The complainant alleges he was promised a carpet area of 1,277 sq. ft. for units 1-3 but was handed over only 1,084 sq. ft.—a shortfall of 193 sq. ft. despite full payment.
Inflated Loading Charges: The FIR states that “Common Area Maintenance” (CAM) charges were collected fraudulently. The developers allegedly applied an exorbitant 67% loading on units 1-3 and 100% loading on units 4-10.
Plan Violations: The developers allegedly altered approved building plans, including open spaces, storage, basement parking, and play areas, without the consent of the purchasers. It is further alleged that residential zones were illegally converted into commercial zones without proper permissions.
Failure to Convey: The developers have allegedly failed to form a society, refused to execute the Conveyance Deed, and have not handed over the project completion certificate, violating the Maharashtra Ownership Flats Act (MOFA).
Legal Action
The police have registered the case under the following sections of the Indian Penal Code (IPC) 1860:
Section 420: Cheating and dishonestly inducing delivery of property.
Section 406: Punishment for criminal breach of trust.
Section 34: Acts done by several persons in furtherance of common intention.
Additionally, charges have been applied under Sections 7, 11, and 13 of the Maharashtra Ownership Flats Act (MOFA), 1963, pertaining to violations in disclosing plans, failing to form a cooperative society, and failure to convey title.
Police Inspector Sharad Murlidhar Shelke is leading the investigation. As of now, no arrests have been reported.
