In a significant development, the Economic Offence Wing (EOW) of the Mumbai police has apprehended builder Jayesh Tanna, 56, on charges of orchestrating a ₹40 crore fraud in the sale of flats. This arrest comes on the heels of multiple fraud cases previously registered against Tanna, who serves as the director of Sai Siddhi Developer.
The case in question revolves around Tanna’s project, the Goregaon Pearl Co-operative Housing Society in Siddharthnagar, Goregaon West. Allegedly, Tanna accepted ₹40 crore from 27 individuals under the pretense of selling them flats in the said project. Despite receiving the funds and completing registrations in 2012, Tanna failed to deliver the promised properties, leading to complaints and subsequent police scrutiny.
The investigation by the EOW unveiled a troubling pattern where funds from the project’s bank account were diverted to three of Tanna’s personal bank accounts, evidently misappropriated for personal use. The discovery prompted the EOW to file an FIR against Tanna, who was already facing multiple fraud charges.
In a court appearance on Sunday, the EOW officer disclosed that Tanna had accepted money from complainants, providing them with receipts and allotment letters for flat purchases. The assurances of a completed building by 2019 were unfulfilled, with construction abruptly halted.
Currently in judicial custody, Tanna was remanded to police custody until December 22 following the court appearance. Notably, this arrest adds to the builder’s legal woes, as he is already facing nine cases in Mumbai and has been incarcerated for the past six to seven months. The case underscores the challenges faced by homebuyers and the importance of vigilant oversight in the real estate sector.
