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Mumbai: Rs 1,000 cr Powai SRA land project in police net

09:31 AM Oct 19, 2021 | Sweety Adimulam

The Juhu police have filed an FIR against five directors of Mumbai-based real estate firm Pashmina Realty Pvt. Ltd over alleged breach of development management agreement (DMA) of a plush project called Lake Riviera in Powai. The complaint was filed by Ashok Mohanani, founder of Ekta World Group of Companies. Pashmina Realty has been booked under sections 420, 467, 468, 471, 120 (B), 34 (cheating, forgery of valuable security, forgery for the purpose of cheating and criminal conspiracy).

The Free Press Journal has a copy of the said FIR. Mohanani said Ekta World entered into a DMA with Pashmina and paid Rs 30 crore towards security deposit. In addition, he also claimed to have assisted Pashmina in obtaining third-party finance to the tune of Rs 200 crore. He said his firm generated Rs 20 crore by selling flats in the new building /project undertaken by them jointly till August 9, 2019. However, on March 9, 2020, Pashmina Realty allegedly unilaterally terminated the agreement without paying anything.

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Mohanani alleged criminal conspiracy under the pretext of false representations of good returns on the project. He said the directors and other representatives never intended to develop the aforesaid land in collaboration with Ekta World and that their main intention was to defraud and cheat them by extracting huge sums and utilising their expertise for wrongful gains.

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However, Pashmina Realty refuted all allegations. In a statement, Pashmina Realty said Ekta Housing Pvt Ltd had failed in discharging its obligations, which is why Pashmina Realty terminated the agreement. “The matter is pending before the Honourable High Court and they have not received any relief. Ekta Housing Pvt Ltd has been misguiding the investigation agencies,” the statement said.

The aggrieved real estate project Lake Riviera is spread across 14,153.42 square meters of land in Chandivali, Powai. It is being carried out under the Slum Redevelopment Scheme, wherein it will construct five PTC buildings, two rehab buildings, a sale building, and one commercial building.

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