Developer Tanna held in third fraud case for siphoning off Rs 40 cr

According to the EOW, members of the Goregaon Flat Buyers Welfare Association in October this year had filed a complaint against directors of M/s Sai Siddhi Developers (SSD Escatic Pvt Ltd) Jayesh Tanna, Deep Tanna, Vivek Jayesh Tanna and unidentified members of Goregaon Pearl Cooperative Housing Society alleging fraud.

The police complaint alleged that the developer was building a housing project on CTS no 27, Siddharth Nagar Goregaon (West), and in 2012, sold flats to 28 buyers and accepted Rs 40 crore from them. The developer registered a sale agreement and promised to deliver the flats to them by December 2023. However, till date, he has not given possession to the home buyers. The accused used the home buyers’ money for some other purpose and has thus defrauded them, alleged the complaint.

The complaint also alleged the involvement of 28 members of Goregaon Pearl Cooperative Housing Societyfor their alleged involvement in the matter, the EOW official said.

The agency’s initial investigations revealed that Tanna allegedly diverted home buyers’ funds to his personal bank accounts for wrongful gains. He also allegedly failed to pay the premium price of FSI sanctioned on the said project by MHADA, because of which the said project is lying incomplete, EOW sources said.

To investigate where the developer diverted the money, EOW’s housing unit-2 officials secured his custody from Arthur road jail, and after finding his involvement placed him under arrest on Saturday. Besides three FIRs by EOW, Tanna is facing five FIRs by Kandivali police station and two FIRs by DN Nagar police station. He was first arrested by EOW in May this year.