Builder booked for duping flat buyers

Pune. Chandan Nagar Police Station, Pune registered a FIR against Vidip Jatiya of Supreme Holdings and Hospitality (India) Limited for allegedly cheating and luring Flat buyers by selling one flat to multiple buyers in its residential project Belmac Residences at Kalyani Nagar Pune. Supreme Holdings and Hospitality (India) Limited is a public listed company and part of the Vinod Jatiya Group (Mumbai).

According to the FIR, the Chandannagar police station received a complaint from Mr. Manish Mahadev Mali a Pune resident. Mr. Manish mentioned that in 2016 he had booked flat no. 702 in scheme D of Belmac Residences, Kalyani Nagar Pune and had paid an amount of Rs. 1,11,54,014 towards the same. The project since beginning was mired in controversy due to land title not being clear amongst other issues.

The flat buyers who had paid the builder their hard earned money were not informed of the pending litigations on the property. After long delay in project completion, the flat buyers came to know that one flat was sold to multiple buyers, when this came to light Mr. Manish decided to lodge a complaint with the police.

Shares of Supreme Holdings and Hospitality (India) Limited were locked in on lower circuit at the indices. It is to be noted that the stock at the start of the year was quoting at around Rs. 12.05 and made a high of Rs. 165.07 on the Bombay Stock Exchange.

Recently the CBI had also raided the premises of the Vinod Jatiya Group in Mumbai in a case relating to forgery and cheating Indian Overseas Bank for an amount of over Rs. 73 crores. The CBI has founds several incriminating documents related to circular trading, bogus billing and diversion of funds in to real estate.