INR 57 Cr Fraud Allegation - FIR Filed Against Wadhwa Group for Goregaon Project Default

Mumbai: The Goregaon Police have registered an FIR against Wadhwa Group for allegedly cheating developer Policon Realtors of ₹57 crore in a stalled housing redevelopment project in Goregaon (W). The complaint, which names Wadhwa Group directors including Navin Makhija, accuses them of failing to honor financial commitments despite receiving additional FSI and funds under a settlement deal.

The case has now been transferred to the Economic Offences Wing (EOW) for further investigation.

A Delayed Redevelopment & Legal Battles

2003: Policon Realtors won the tender to redevelop Unnat Nagar Akshaya Cooperative Housing Society in Goregaon (W), with a 42-month completion timeline.

2005: A commencement certificate was issued on October 18, but work stalled after only 14 floors of one tower were completed due to resident objections and MHADA policy changes that led to a stay order.

2009: Wadhwa Group entered the project, agreeing to pay ₹5 crore, complete construction in 36 months, and allocate 18% of the saleable flat area to Policon Realtors.

However, construction never resumed, and only ₹2.5 crore of the agreed amount was paid.

New Agreement, Unfulfilled Promises & Arbitration 2013: A supplementary development agreement increased carpet area allotment to 1,050 sq. ft. per member.

Policon Realtors demanded the pending ₹2.5 crore, but Wadhwa Group refused payment, citing contract discrepancies.

Bombay High Court Arbitration: Retired Justice D.K. Deshmukh was appointed as arbitrator. Wadhwa Group failed to honor the agreed settlement terms, leading to further legal proceedings.

Key Facts & Figures at a Glance

• Total Alleged Cheating Amount: ₹57 crore

• Project Location: Unnat Nagar Akshaya CHS, Goregaon (W)

• Original Developer: Policon Realtors Project

• Start Year: 2003

• Wadhwa Group's Commitment: ₹5 crore + 18% of saleable flats

• Legal Status: Case transferred to EOW, arbitration failure

Disclaimer: This report is based on publicly available information, legal proceedings, and police reports. The allegations are subject to judicial review, and all parties involved are entitled to a fair trial.