NBW against Mumbai builder in cheque bouncing case

A complaint was moved by Taro Vazirani before Metropolitan Magistrate, Ballard Pier, stating that Kakkad had approached Vazirani in March 2015, for a friendly loan for a period of two years, as he was in need of money for his business.

| Mumbai | Published: June 18, 2018 3:11:09 am
Tript Rajinder Singh Bajwa said that the state government was fully committed to ensure comprehensive development of this Assembly segment. (Representational) Non bailable warrant against builder in cheque bounce case. (Representational)

A Magistrate court has issued a non-bailable warrant (NBW) against Niraj Kakkad, the proprietor of Niraj Construction, in an alleged Rs 20 lakh-cheque bouncing case. The complainant in his plea before the court has claimed that Kakkad had sought a ‘friendly loan’, which he had failed to repay.

A complaint was moved by Taro Vazirani before Metropolitan Magistrate, Ballard Pier, stating that Kakkad had approached Vazirani in March 2015, for a friendly loan for a period of two years, as he was in need of money for his business.

Kakkad, a resident of Vile Parle, has constructed many residential and commercial projects in suburban Mumbai, the plea stated. On the request of Kakkad, Vazirani agreed to give a loan of Rs 20 lakh at the rate of 2.25% p.a. The complainant states that the accused had promised to repay the principal amount on March 31, 2017. The complaint states that Vazirani has duly received a compensation amount of Rs 81,000 after deducting TDS of Rs 9,000 from the accused for a period starting from April 1, 2015 to March 31, 2017.

Vazirani’s complaint further states that Kakkad handed over Vazirani a cheque of Rs 20 lakh, dated May 26, 2017. “However, to his (Vazirani) shock and surprise, the cheque returned dishonoured, with the bank remarking that the said account was closed,” the complaint copy mentioned. On the basis of receipt from the bank, Vazirani had sent a statutory demand notice on June 28, 2017, for payment of the amount of the cheque, within 15 days, failing which Vazirani will approach court to prosecute him under section 138 of the Negotiable Instruments Act.

The warrant is received by the Vile Parle Police station, which was confirmed by the senior police inspector Laxman Chavan. The Magistrate court has posted the matter for Kakkad’s appearance on June 19. When contacted, Vazirani’s spokesperson, Vishal Manghnani of Wishman consultants, refused to comment.

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