MUMBAI: The Economic Offences Wing of the Mumbai police closed a cheating case against Neptune Venture and Developers, who were booked on charges of cheating, breach of trust, and under the MOFA Act. This followed a complaint by 55 flat buyers alleging that the company collected substantial sums from buyers, but failed to deliver the promised flats in its ‘100 Above’ project in Bhandup West.
The housing unit of EOW submitted a closure ‘C’ Summary report before the 47th Metropolitan Magistrate. The ‘C’ Summary report legally means the case is neither true nor false, or the complaint was filed by mistakes of facts.
The case, originally registered on July 19, 2022, was filed under sections 406, 409, 420, and 34 of the IPC, alongside provisions of the Maharashtra Ownership Flats Act (MOFA).
The complaint, led by Shri Ashwin Patil and other buyers, alleged that the accused, including directors of Neptune Venture and Developers Pvt Ltd, and their sales executives, collected substantial sums from buyers but failed to deliver the promised flats in building no. 4 of the project. While the company successfully completed and handed over three buildings in the project, the construction of the fourth building was indefinitely stalled due to changes in govt policies, financial constraints, and restrictions from environmental and defence authorities.
Investigation revealed the accused refunded Rs 9.27 crore to 55 customers, including the plaintiff, through demand drafts and pay orders. Furthermore, 39 customers confirmed in writing that they had no further complaints, and the company resolved their grievances.
The ‘C’ Summary report highlighted that delays were caused by factors beyond the accused’s control, including changes in govt policies, financial restrictions, and environmental regulations. Additionally, the outbreak of the COVID-19 pandemic further compounded delays.
