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A well-known Nashik builder was taken into custody earlier this week after being accused of cheating flat buyers in a case valued at around INR 23 crore. Buyers had reportedly paid the full amount and taken possession of their homes, but the builder did not execute the sale deeds. Instead, he allegedly mortgaged the same flats to a private finance company to raise funds. When the loan defaulted, the lender initiated auction proceedings, leaving residents shocked and prompting them to file a police complaint.
A prominent builder from Nashik was arrested earlier this week by the Crime Branch in connection with an alleged INR 23 crore fraud involving five residential buildings in the Sansari area near Deolali Camp. According to officials, the buyers had paid the full cost of their flats and had been residing there, but the builder had not executed the sale deeds, thereby keeping legal ownership in his name. Advertisement
Investigators said the builder allegedly used this gap in documentation to secure a loan by mortgaging the same flats to a private finance firm. The lender reportedly did not conduct adequate verification of ownership documents, enabling the transaction to go through. When the builder defaulted on repayment, the finance company began preparing to auction the flats, which alarmed residents who believed they were the rightful owners.
Several affected buyers, including retired defence personnel, approached the local police, after which an FIR was registered. Following the arrest, the accused was produced before the court and remanded to police custody for further investigation. Authorities are now examining whether other associates or intermediaries were involved in the scheme and assessing the extent of financial and legal damage
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