Real estate is often seen as a path to prosperity, but for one Vasai-based businessman, a promising land deal turned into a multi-crore nightmare. Recently, the Manikpur police in Mumbai registered a First Information Report (FIR) against Neeraj Vora, the director of Aiko Builders Pvt Ltd. The allegations? A sophisticated real estate fraud totaling over ₹30 crore.
The beginning of the deal
The story began in 2021 when Neeraj Vora allegedly approached Akash Gupta, a fellow businessman in the construction industry. Vora presented a lucrative opportunity involving a large plot of land, over two and a half acres, located in the growing hub of Mira Road.
Vora claimed to own the land and invited Gupta to invest in its development. The deal seemed straightforward: Gupta would provide the necessary funding, and in return, he would be allotted 100,000 square feet of developed space at a discounted rate. To formalize the partnership, a Memorandum of Understanding (MoU) was signed in September 2021.
Signs of trouble
Trust is the foundation of any business deal, and initially, it seemed present. Gupta transferred approximately ₹2.75 crore through bank transactions. As a show of “good faith” and security, Vora handed over 26 cheques worth nearly ₹31 crore.
However, by early 2022, the cracks began to show. Vora admitted that he had entered into a separate joint development agreement with another builder for the same piece of land. While he reassured Gupta that his share was safe, no development work actually started. The land remained untouched, and the promises remained unfulfilled.
The broken “Buyback” promise
In an attempt to settle the growing tension, a new agreement was reached in early 2023. Vora offered a “buyback” option: if he couldn’t deliver the land, he would pay Gupta back at a much higher rate to compensate for the lost time and investment. Under this new arrangement, Vora owed Gupta over ₹31.46 crore.
Despite the legal paperwork, the money never arrived. Out of the massive sum owed, only a small fraction, about ₹1.30 crore, was ever returned. Gupta eventually realized that the land had been used as a tool to extract money while being leveraged with multiple other parties.
Legal consequences
Feeling cheated and realizing his funds were being misappropriated for personal use, Gupta approached the authorities. The police have now booked Neeraj Vora for cheating and forgery. Investigators are currently digging through bank statements, land records, and company documents to trace where the money went.
A lesson for investors
This case serves as a stark reminder of the risks within the real estate sector. Even with MoUs and security cheques in hand, investors must conduct deep due diligence. Verification of land titles and checking if a property has been “sold” or “pledged” to multiple parties is essential to avoid falling victim to such high-stakes fraud.
For now, the focus remains on the Manikpur police as they untangle this ₹30 crore web of deception.
Also read – Hidden sales and broken trust: A major Mumbai mortgage fraud uncovered
Disclaimer – This article is for informational purposes only. It is based on reported police complaints and FIRs. All individuals are presumed innocent until proven guilty in a court of law.
Source – ET Realty
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