Mumbai: City police has chargesheeted billionnaire builder Chandru Raheja and his two sons, Ravi and Neel, in a cheating case filed by industrialist Nusli Wadia, who claimed to have suffered losses worth crores of rupees because of the trio, police said today.
A chargesheet in this case was filed by the Economic Offences Wing (EOW) on October 22, Joint Police Commissioner (Crime) Himanshu Roy said.
According to police, Wadia, in his complaint in 2008, had alleged that he had suffered monetary losses in the redevelopment of a land in suburban Malad (W).
In 1995, Wadia, who is the sole administrator of the estate of the late E F Dinshaw, has entered into an agreement with Rahejas through their company called Ivory Properties & Hotels Pvt Ltd for development of the lands in Malad.
As per the agreement, the Rahejas had taken possession of 1,70,656 square feet of land for development. The accused were required to construct Ivory Towers and sell or transfer the developed property to "third parties" and hand over 12 percent of the sale proceeds to Wadia, police said.
The agreement has also stated if the Rahejas did not develop the property, then Wadia should be paid Rs 3.75 crore in the form of "minimum guarantee assurance" in 1997.
Rahejas had been given permission by the administrator to construct an eight-floor commercial building called 'Ivory Towers' but it was never built.
The Rahejas have subsequently transfered about Rs 3.89 crore in Wadia's bank account, saying that Ivory Towers was ready. It was sold to a third party and the amount transfered was 12 percent of the sale amount as agreed, police said.
"Rahejas have also fraudulently prepared nine release deeds and signed as owners," an officer said.
Updated Date: Oct 26, 2013 17:02:25 IST