The economic offences wing (EOW) has arrested two persons-a 60-year-old chartered accountant and the accountant of an infrastructure firm-for selling transfer of development rights (TDR) valued at Rs 4.61 crore to four companies.
The FIR was lodged by Dhiren Mehta, director of Bharat Insulation Company India Limited (Thane). The arrested CA, Pravin Mehta, is a director of Nestor Construction Pvt Ltd. in Santa Cruz while the other accused, Hiren Jain (35), works as an accountant in Neev Infrastructure Company, Byculla.
Dhiren told TOI that his company had appointed Pravin as project manager for the redevelopment of a 6,000 sq m plot on Andheri Link Road. "In 2007, we purchased TDR and asked Pravin to look after it since he was experienced in these things. Due to some reasons, the project was abandoned. We requested Pravin to unload the TDR from our plot and sell it to recover our money," said the complainant.
Dhiren added that in 2011, he came to know that his TDR was sold to someone else. "I was shocked to see that the TDR was sold to someone else and fake papers were prepared for it. The other people involved in the project signed in good faith as they were not aware about the authenticity of these papers. The documents were made between my company and Neev Infrastructure. Hiren is just an accountant in Neev Infrastructure but the fake papers showed him as the holder of power of attorney for his company," said Dhiren.
Dhiren said that the documents were again sold to four other parties. "The accused had undervalued the TDR to Rs 2.61 crore. I lodged a police complaint," he said.
Investigating officer S B Shirsath said the two accused were remanded in police custody. The police have frozen a bank account belonging to Hiren Jain. The police are planning to seize some properties belonging to the accused, who were booked for cheating, forgery and criminal conspiracy.
The FIR was lodged by Dhiren Mehta, director of Bharat Insulation Company India Limited (Thane). The arrested CA, Pravin Mehta, is a director of Nestor Construction Pvt Ltd. in Santa Cruz while the other accused, Hiren Jain (35), works as an accountant in Neev Infrastructure Company, Byculla.
Dhiren told TOI that his company had appointed Pravin as project manager for the redevelopment of a 6,000 sq m plot on Andheri Link Road. "In 2007, we purchased TDR and asked Pravin to look after it since he was experienced in these things. Due to some reasons, the project was abandoned. We requested Pravin to unload the TDR from our plot and sell it to recover our money," said the complainant.
Dhiren added that in 2011, he came to know that his TDR was sold to someone else. "I was shocked to see that the TDR was sold to someone else and fake papers were prepared for it. The other people involved in the project signed in good faith as they were not aware about the authenticity of these papers. The documents were made between my company and Neev Infrastructure. Hiren is just an accountant in Neev Infrastructure but the fake papers showed him as the holder of power of attorney for his company," said Dhiren.
Dhiren said that the documents were again sold to four other parties. "The accused had undervalued the TDR to Rs 2.61 crore. I lodged a police complaint," he said.
Investigating officer S B Shirsath said the two accused were remanded in police custody. The police have frozen a bank account belonging to Hiren Jain. The police are planning to seize some properties belonging to the accused, who were booked for cheating, forgery and criminal conspiracy.
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