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Monarch Universal Group in alleged Rs 1500 crores scam ?

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A Santacruz resident, who had paid up Rs 7 crore in connection with the purchase of 22 flats in Kalamboli, Navi Mumbai, has lodged a cheating complaint with the economic offences wing of the Mumbai police. An offence has been registered against three partners of Monarch Universal Group—Gopal Thakur, Hasmukh Thakur and Roshan Seth—besides real estate agent Kiran Perwani who brokered the deal.

Pariani said that he had been given documents after he made the payment but he later learnt that the flats were mortgaged to a non-banking financial firm from whom the accused firm had allegedly taken a loan of Rs 40 crore.

Police sources said that Pariani had given the agent four cheques for Rs 7 crore for 22 flats. In exchange, he was issued agreement letters, agreement for sale, an irrevocable power of attorney, possession letter and other documents in his favour. Pariani has told the police that his attempts to get the documents registered were stopped by the accused. Subsequently, Pariani decided to get the same registered independently. At the sub-registrar’s office in Panvel, he learnt that the developers had mortaged some flats of the said projects (including the ones meant for him) to a non-banking company, Capri Global Private Limited, and the mortgage deed had been kept at the sub-registrar’s office. Accordingly, he was told to bring a no-objection certificate from this company.

When Pariani approached the company, he was told that the developers had mortgaged many flats with them for which the company had financed Rs 40 crore.

Police sources said that the accused allegedly misrepresented facts to Pariani and other investors about mortgage and finance from Capri Global.

Monarch Universal Group could not reached for comment


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