Mumbai’s Bandra-Kurla Complex police have registered a case against former Rajya Sabha MP and developer Sanjay Kakade and three others over an alleged ₹5.06 crore property fraud involving two flats in a premium housing project in Pune’s Kalyani Nagar. The investors say they paid the booking amount but received neither possession nor a refund.
The complaint was filed by businessman Sumant Bhagwan Thakur on behalf of investors Avinash Gandhi and Amit Gandhi. According to the FIR, the two investors booked flats numbered 901 and 902 on the ninth floor of a proposed residential project in January 2015. Each flat measured 3,818.12 sq ft and was to include a terrace and parking space.
The total agreed price for the two flats was ₹13.95 crore. The investors allegedly deposited ₹5.06 crore as booking money into the bank account of Grand Maratha Construction Private Limited. The complaint alleges that Kakade issued allotment letters for both flats, but the project did not progress as expected and possession was not handed over by March 2016.
The FIR further alleges that the residential project was converted into a commercial project in 2017 without the investors’ consent. The investors were then allegedly promised showrooms in the commercial development. In December 2017, however, they were reportedly informed that the showrooms were unavailable and that the promised commercial spaces would not be allotted.
The complaint states that an alternative property was subsequently offered. In February 2018, Kakade allegedly agreed to provide two flats in a project in Hinjewadi, but the investors claim those properties were also not handed over. The dispute later led to a memorandum of understanding reportedly executed in 2023.
Under the alleged 2023 agreement, Kakade agreed to repay the original booking amount of ₹5.06 crore along with interest of ₹2.93 crore, taking the total proposed repayment to ₹8 crore. The complainants allege that the amount was not paid despite the agreement. They have therefore claimed that they received neither the original flats, alternative properties nor repayment of the booking amount.
The FIR names Kakade, Chandrakant Kanhaiya Bora and Ramesh Bhosale as directors of Grand Maratha Construction Private Limited. Atul Bohra, identified in the complaint as a former representative of Kolte-Patil Developers Limited, has also been named as an accused. The case was registered on October 8 under Sections 420 and 34 of the Indian Penal Code, relating to cheating and acts carried out by several persons with a common intention.
Kakade denied the allegations, calling the case false and stating that the amount cited by the complainants was incorrect. 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 investigation has been assigned to Police Inspector Mahendra Ashok Waghmare, while Police Inspector Suresh Gulabshing Padvi registered the FIR. Investigators are expected to examine the property transaction documents, allotment letters, the alleged change in the project’s use and the 2023 agreement concerning the proposed ₹8 crore repayment.
