The arrested accused has been identified as Amrut Uttam Mahendrakar (34), a resident of Ichalkaranji in Kolhapur district. Investigators say he played a key role in preparing forged documents and facilitating the illegal sale and mortgage of flats that were originally allotted to members of a housing society.
According to police officials, the case involves the redevelopment of an old residential building located in Versova in the Andheri area. The project allegedly became the centre of a large financial fraud in which society members were cheated of nearly ₹55 crore.
The case was registered at the Versova Police Station based on a complaint filed by Meena Singh Thilon (71), a member of the Zakaria Aghadi Nagar No.3 Co-operative Housing Society.
According to the complaint, the society had appointed Midcity Heights Partnership Firm in 2015 to redevelop its building. The developer had assured the 13 residents, who collectively owned 14 flats, that they would receive newly constructed homes within a specified timeframe.
However, during the course of the project, society members allegedly discovered that several flats allotted to them under the Permanent Alternate Accommodation Agreement (PAAA) had been mortgaged to financial institutions and sold to third parties without their consent.
Police investigations revealed that the main accused Amarjit Shukla, owner of Mid City Heights, along with his associates, allegedly created forged agreements for sale and used fake documentation to obtain large bank loans. Shukla had been arrested by the EOW in August last year.
Officials suspect that the accused used fake sale agreements, forged signatures of the Joint Deputy Registrar, and counterfeit stamps to carry out the fraudulent transactions.
Investigators believe that multiple flats were pledged to banks and sold to different buyers simultaneously, allowing the accused to secure loans worth crores of rupees.
With the arrest of Mahendrakar, police say they are now probing the wider network involved in the alleged scam, including the possibility of additional accomplices who may have helped in preparing forged legal documents and facilitating financial transactions.
Authorities are continuing their investigation to trace the money trail and identify other individuals involved in the fraud. Officials have also indicated that further arrests could be made as the probe progresses.
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