Wadi Police Station officials have arrested Arun Khanna, a director of a Mumbai-based real estate company, in connection with a significant real estate fraud case involving a loss of Rs 2,04,76,703. The arrest came after an extensive investigation led by the Economic Offenses Wing (EOW), which tracked Khanna to Goa.
The fraud dates back to 2016, when Dr. Santosh Tiwari, the complainant, purchased two flats on the 18th floor of a development project in Jashoda-Harman Metro Police, Mumbai, for a total amount of Rs 2 crore. The flats were promised for possession by July 2018. Dr. Tiwari made the payment through checks to the accused company’s Nagpur office.
However, the flats were never delivered, and when Dr. Tiwari demanded a refund, Arun Khanna issued a check for Rs 2.58 crore. Unfortunately, the check was later withdrawn, and another check promised to Dr. Tiwari never materialized.
During the investigation, it was revealed that Arun Khanna’s company had also deceived other residents with fraudulent redevelopment projects. The flats that Dr. Tiwari had paid for were never constructed and were instead sold to other buyers. After several failed attempts to recover his money or get possession of the flats, Dr. Tiwari realized he had been defrauded of over Rs 2 crore.
The EOW tracked the wanted Arun Khanna to Highland Holiday Home in Cadoilim, Goa, where he was arrested by a team led by Sub-Inspector Sagar Awhad. Following the arrest, Khanna has been remanded to six days of police custody for further questioning.
The case highlights the increasing incidence of real estate frauds, especially in high-value property deals, and authorities are continuing to investigate the full extent of Khanna’s involvement.