MUMBAI: A developer who signed a Rs 46 crore contract with a real estate agent to remove squatters and huts, level the land and erect fences for further development but failed to honour his promise has been arrested for fraud. Navgarh police on Monday arrested Dinesh Jain (57), the owner of Balaji Developers, on charges of cheating and forgery. Jain was produced before a local court and remanded in police custody. Umesh Kambli, vice-president of Richa Realtors, had filed a complaint in 2007 alleging that his company had taken over the redevelopment of the Muda Colony housing project in PMJP Colony in east Mulund. There were 56 Muda buildings on an area of 120,000 sq metres with 1,470 tenants. Richa Realtors entered into a development agreement to rehabilitate the tenants. There were 113 slums, of which 41 were illegal. Jain of Balaji Developers approached Richa Realtors as he had successfully concluded similar deals in the past. In December 2010, Richa Realtors needed financial assistance and approached Tata Housing Development Company. The two companies decided to jointly develop the land. But Jain wasted several years demolishing only 36 illegal huts despite receiving instalments of Rs 4.6 crore between May 2011 and April 2013, officials said. Partner firm Tata Housing eventually fined Richa Realtors Rs 899.8 crore. Richa Realtors later filed an FIR against Jain and Balaji Developers.
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