Malad Police Arrest 3 Real Estate Directors for Rs 12.5 Crore Fraud

Malad Police have registered a case against three directors of a real estate company for defrauding 19 flat buyers to the tune of Rs12.50 crore. The accused, Prakshal Vanavat, Ranvijay Singh, and Rahul Jain, allegedly obtained loans under false pretenses from a housing finance company using the names of the 19 flat buyers, claiming the funds were for constructing flats. However, the accused misappropriated the money for their personal use rather than utilizing it for the housing project. The victims, who had already made payments for flats, were left with loans in their names that were never repaid. The police have launched an investigation following complaints from the victims, and the accused have been arrested for their involvement in this fraudulent scheme.