Juhu Builder Arrested for a Scam of Rs 32 Crore Over Redevelopment

A real-world tragic story of broken trust and the quest for justice — Rs 32 Crore scam by Juhu builder exposed!

The Mumbai police arrested a builder from Juhu for a scam in a redevelopment project. The builder, Kinnar Nayak, who is 57 years old and lives in the JVPD Scheme in Juhu, is now in big trouble with serious charges of cheating, forgery, and breach of trust.

The story dates back to 2015 when Nayak, the director of Taksha Spaces construction company, approached Ahmed Shaikh, another builder and father of the complainant, Amjad Shaikh. Nayak told Ahmed that he urgently needed Rs 35 crore and offered Ahmed a chance to take over a redevelopment project at Govardhan Cooperative Housing Society Bangur Nagar, Goregaon, worth about Rs 32 crore.

Trusting Nayak's words, Ahmed Shaikh transferred Rs. 30 crore via RTGS to Nayak and his wife's accounts. However, Nayak failed to deliver on his promises, neither providing an agreement nor an allotment letter for the project. To make matters worse, he brought in another developer without telling anyone.

As a result, the amount that was supposed to be Rs 32 crore became even more because of the interest piled up. Feeling cheated, the Shaikh family sought justice, leading to Nayak's arrest by the EOW.

This story is even more interesting because Nayak was already in custody for other charges of cheating and violation of the Maharashtra Ownership Flats. The police found financial records confirming the money transfer from Shaikh to Nayak and his wife's accounts.

This situation reminds us how important it is to be careful, especially when dealing with real estate. As the legal process continues, the victims hope to get justice while Nayak faces the consequences of his actions.