Ahmedabad: Two developers accused of cheating investors of Rs 2 crore

Ahmedabad: Two separate complaints filed at Bopal police station have accused developers linked to the Privilon Group of cheating investors by floating housing and commercial projects on land allegedly not owned by them and without mandatory regulatory approvals. Police said the two complaints and allegations from other investors pointed to a fraud of around Rs 2.22 crore involving flats and shops in proposed projects in Ghuma village on the outskirts of the city.The first FIR was filed by Shanti Jadav, 49, a farmer from Gujar village in Dhandhuka taluka. Jadav alleged that in Nov 2023, he was lured into investing in a ground-floor shop in the proposed ‘Richmond by 22 Storey' project at Survey number 632/A in Ghuma. He claimed Jaydeep Kotak and Hiren Amrutlal Karia represented themselves as partners of Privilon Buildcon LLP and offered him shop GF-06 at a discounted rate. Jadav paid Rs 15 lakh by cheque and Rs 6 lakh in cash as the booking amount.
Despite repeated assurances regarding RERA approval and construction timelines, work did not commence. In Dec 2024, the site office and project boards were allegedly removed. Jadav later learned that the accused neither owned the land nor had any written development agreement or RERA permission. He further alleged that the same accused collected money from multiple buyers using cheques, RTGS, UPI, and cash, and fabricated false receipts for cash payments.The second FIR was lodged by Jayjit Gatha, 34, a South Bopal resident, who alleged that he and his wife booked a 2BHK flat in the proposed ‘Celestial by 14 Storey' project at survey numbers 816 and 817 of Ghuma village in early 2024. The complainant said he paid Rs 27.6 lakh in two cheques to Privilon Buildcon LLP after being shown brochures and boards that claimed ownership and development rights. According to the FIR, the accused executed a notarized MoU claiming full rights to sell flats and shops. However, construction never began, and project boards were later replaced by boards from another developer. Subsequent verification with landowners revealed that no agreement had been executed with the accused and that no RERA approval existed.Police said both FIRs alleged a planned conspiracy involving false representations, forged MoUs, misleading advertisements and diversion of investor funds. An investigation was initiated to trace the money trail, identify additional victims, and determine the roles of the entities and individuals named in the complaints.