Mumbai Realtor Dupes LIC Officer and Retired ASI of Rs. 68 Lakhs for MHADA Flat

Prashant Mistry, a realtor with a history of cheating cases, has been accused of duping an LIC officer and a retired ASI of Rs. 68 lakhs in a fraudulent deal for a MHADA flat in Kalachowki, Mumbai. The incident occurred in 2020, and Mistry is currently out on bail with his whereabouts unknown.

According to the Kalachowki police, Mistry showed the victims, Vaibhavi Harmalkar and Sunil Sawant, a flat in Sukhkarta Building MHADA and asked them to pay advance payments of Rs. 50 lakhs and Rs. 18.5 lakhs respectively. However, after receiving the money, Mistry neither provided them with the flat nor returned their funds.

Investigations revealed that Mistry had been previously booked and arrested by the Kalachowki police for cheating another home buyer in a similar manner. He was later released on bail but has been frequently changing his location since then, making it difficult for authorities to track him down.

Why this matters: This case highlights the ongoing issue of fraudulent real estate deals in Mumbai and the need for stricter regulations to protect home buyers. It also underscores the importance of thorough background checks on realtors and the risks associated with making large advance payments without proper documentation.

The Kalachowki police have registered a case against Mistry under various sections of the Indian Penal Code, including criminal breach of trust, cheating, forgery, and forgery for cheating. "We are making all efforts to locate and apprehend the accused," said a police official involved in the investigation.

As the search for Mistry continues, the victims, Harmalkar and Sawant, are left struggling with the financial and emotional toll of the fraudulent deal. The case serves as a cautionary tale for prospective home buyers to exercise due diligence and be wary of deals that seem too good to be true.

Key Takeaways

• Realtor Prashant Mistry accused of duping LIC officer, retired ASI of Rs. 68 lakhs.
• Mistry showed victims a MHADA flat, took advance payments, but did not provide the flat.
• Mistry has a history of cheating cases, frequently changes location to evade authorities.
• Case highlights need for stricter regulations to protect home buyers from fraudulent deals.
• Victims left struggling with financial, emotional toll; case serves as cautionary tale for buyers.