Mumbai’s Bandra-Kurla Complex police have registered a case against former Rajya Sabha MP and Pune developer Sanjay Kakade and three others over an alleged property fraud involving two flats in Kalyani Nagar and payments of more than Rs 5.06 crore. The case concerns allegations that investors were neither given possession of the booked flats nor refunded their money despite repeated assurances and a later repayment agreement.
The FIR was registered on October 8 after businessman Sumant Bhagwan Thakur, 44, filed a complaint on behalf of investors Avinash Gandhi and Amit Gandhi. The complaint names Kakade, Chandrakant Kanhaiya Bora and Ramesh Bhosale, who are described as directors of Grand Maratha Construction Private Limited. Atul Bohra, identified as a former representative of Kolte-Patil Developers Limited, has also been named as an accused.
According to the complaint, the two investors booked flats numbered 901 and 902 on the ninth floor of a proposed residential project in Kalyani Nagar in January 2015. Each flat measured 3,818.12 square feet and was to include a terrace and parking. The combined agreed price was Rs 13.95 crore, while Rs 5.06 crore was deposited into the bank account of Grand Maratha Construction Private Limited as the booking amount.
The complaint alleges that construction had not progressed as expected by March 2016 and that possession was not handed over. It further alleges that the residential project was converted into a commercial project in 2017 without the investors’ consent. The investors were reportedly promised showrooms in the changed project, but in December 2017 were informed that the showrooms were not available.
The complaint also records an alleged offer of alternative properties in another project. In February 2018, Kakade is alleged to have offered two flats in a Hinjewadi project, but the investors say those properties were not allotted either. A memorandum of understanding reportedly signed in 2023 provided for repayment of the original booking amount of Rs 5.06 crore along with Rs 2.93 crore in interest, taking the total agreed repayment to about Rs 8 crore. The complainants allege that this amount was not paid.
Kakade has denied the allegations, calling the case false and the amount claimed fabricated. He said the complaint was intended to damage his reputation and that a court had previously ruled in his favour. He also said the police had been informed about the earlier ruling.
The FIR cites Sections 420 and 34 of the Indian Penal Code, relating to cheating and acts carried out by several persons in furtherance of a common intention. Police Inspector Mahendra Ashok Waghmare is investigating the case, while Police Inspector Suresh Gulabshing Padvi registered the FIR.
Investigators are examining the transaction documents, allotment letters, the alleged change in the project’s use and the reported Rs 8 crore repayment agreement. The police investigation will determine the facts of the dispute and the responsibility of the individuals named in the case.
