Pune Court Orders Case Against Bhimashankar Developers for Cheating Investors
Reported by Tikam Shekhawat
Shivajinagar, 7th July 2024: Pune Police have registered a case against Bhimashankar Developers and several of its key members following a court directive. The case involves allegations of cheating and fraudulent promises of returns on investment made by the company. The action was taken on the orders of Additional Chief Judicial Magistrate JS Bhatia.
The case has been filed at Shivajinagar Police Station against M/s Bhimashankar Developers, Rajnish Manekalal Bhandari, his brothers Anuj and Shreyans, and his son Yash. They face charges of cheating, criminal breach of trust, and criminal conspiracy under various sections of the Indian Penal Code (IPC).
The complaint was initiated by Satish Madanraj Porwal, a resident of Bhawani Peth, through his legal representatives, Adv. Monish Jain and Adv. Gaurav Nashikkar. Bhimashankar Developers, a real estate company with its office at BU Bhandari Landmark, is accused of defrauding investors with a scheme launched in 2017.
According to the complaint, Bhimashankar Developers introduced an investment scheme for plots in Ambarwadi, Khandala, and Satara areas, which included a buy-back plan. Investors were also given the option to purchase certain plots upon payment of a fee. Based on this scheme, Porwal invested 2.25 lakh rupees, which was supposed to be refunded. However, despite a lapse of two years and several follow-ups, no refund was issued. Porwal refrained from lodging a complaint during the COVID-19 pandemic but eventually approached the police. When the police did not register a case, he filed a private complaint in court.
A senior official stated, “We are investigating the matter thoroughly. Currently, a case has been registered as per the court’s directive.”
The investigation is ongoing, and further developments are awaited.
