​Chandru Raheja chargesheeted in ‘cheating’ case

MUMBAI: The economic offences wing (EOW) of the city police on Tuesday filed a chargesheet against builder Chandru Raheja and his two sons Ravi and Neel in an alleged cheating case lodged by industrialist Nusli Wadia.
The Rahejas, who own Shoppers Stop, Renaissance Hotel in Powai and InOrbit malls, were granted anticipatory bail by the sessions court.
Wadia has alleged that he suffered monetary loss in the redevelopment of a 110-acre Malad (W) property. In 1995, he and the Rahejas entered into a joint venture under which the latter was to redevelop the property. Wadia alleged that the Rahejas, who control K Raheja Corp, fraudulently sold or leased developed units to sister concerns and shell companies created for the purpose of purchasing the properties.
“The redeveloped properties were to be sold in the market and a portion of the revenue was to be credited to Wadia. But the Rahejas allegedly sold it at lesser price through benami companies, causing a loss to Wadia,” a police officer said.
A Raheja spokesperson said the complaint against the group was for causing a loss of Rs 4 crore to Wadia, “whereas the landowner is holding aggregate amount of Rs 5.6 crore in excess from the developer”.
The Malad land is now a major commercial hub, comprising Mindspace, InOrbit mall and HyperCity store. The 1995 agreement stipulated that the Rahejas’ Ivory Properties & Hotels Pvt Ltd build and hand over 12% of the sale proceeds to Wadia, the sole administrator of the land belonging to the late Eduljee Dinshaw.
Three residential and nine commercial buildings were built by the Rahejas between 1995 and 2005. “The landowner received payments as laid down in the agreement. These were audited by the landowners’ auditors from time to time to their satisfaction,” said the Raheja spokesperson.
Wadia raised disputes in 2005 over certain transactions. In 2008, he filed a civil suit in the HC and lodged a complaint with the EOW.