Mumbai: Court Rejects Bail For Builder Arrested In ₹55 Crore Building Redevelopment Fraud Case
**Mumbai Metropolitan Magistrate Denies Bail to Builder Accused of Cheating Residents in Rs 55 Crore Redevelopment Scam**
The Metropolitan Magistrate at Esplanade has refused bail to Amarjeet Shukla, owner of Mid-City Heights, who was arrested on August 21 for allegedly cheating residents of a building undergoing redevelopment to the tune of Rs 55 crore.
**Court Observations**
While rejecting Shukla’s bail plea, the magistrate observed, “The accused has deliberately entered into several transactions which he intended to cheat victims.” The court also noted that victims and complainants presented material indicating the accused is involved in similar offences. Although these cannot be considered formal criminal antecedents, the court remarked that such information cannot be ignored, especially when the accused claims he has no prior history.
**Background of the Case**
According to investigators, Mid-City Heights was appointed to redevelop a residential building on Yari Road in Versova. The company assured 13 residents, who collectively owned 14 flats, that they would receive their new homes within a specified timeframe.
However, before the project was completed, the builder allegedly sold several flats to third parties without the residents’ knowledge or consent. When the promised homes were not delivered, residents discovered the alleged fraud and filed a complaint with the Economic Offences Wing (EOW) police.
**Arguments from Both Sides**
In his bail plea, Shukla claimed that no prima facie case or offence was made against him, asserting that the dispute was civil in nature and criminalized to harass him.
The investigating officer opposed the plea, stating that Shukla transferred flats meant for the original residents to third parties, cheated the victims, and facilitated loans on these flats for personal gain. The officer also highlighted Shukla’s involvement in similar offences and expressed concerns that he could misuse the bail.
Victims, permitted to intervene in the proceedings, submitted that the accused caused significant delays in the project. They further alleged that Shukla committed fraud exceeding Rs 140 crore by repeatedly selling the same flats to various third parties.
**Court’s Final Decision**
The court noted, “The investigation is divulging new facts about the alleged criminal acts and new transactions. This progress will definitely be hampered if the accused is released on bail.” Considering the gravity of the allegations and ongoing investigation, the magistrate found no cogent reason to grant bail to Amarjeet Shukla.
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https://www.freepressjournal.in/mumbai/mumbai-court-rejects-bail-for-builder-arrested-in-55-crore-building-redevelopment-fraud-case
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