Rs 175 Crore Real Estate Scam Busted in Navi Mumbai
Navi Mumbai,21st May 2025: A case involving a massive Rs 175 crore real estate scam has been registered at the CBD Belapur Police Station, implicating businessman Srigopal Jugalkishore Barasia in the alleged cheating of developers during the construction of an 11-storey luxury commercial building in Sector 15, CBD Belapur.
According to police, the complaint was filed by builder Narendra Ramjiani of Creative Homes, the company that funded the building’s construction. Ramjiani alleged that Barasia fraudulently took control of the building located on plots 42 and 43, measuring 5,000 square meters, despite initial verbal partnership agreements.
The Economic Offences Wing (EOW) of Navi Mumbai Police, under Assistant Commissioner Bhausaheb Dhole and Senior Police Inspector Sachin Gawli, conducted a four-month investigation into the complaint filed in January. Evidence confirmed that Barasia had violated agreed terms and denied the developers their rightful share.
The dispute traces back to 2005, when the plots were acquired from CIDCO through a tender. Barasia initially lent Rs 1 crore and later paid CIDCO over Rs 13 crore, transferring the plots to his name in 2007. However, the construction costing around Rs 22–25 crore , was funded primarily by Creative Homes between 2008 and 2011.
Despite verbal partnership commitments, Barasia allegedly refused to formalize any agreement. In 2015, after 90% of the work was completed, he contributed only Rs 1.7 crore of the requested Rs 3.6 crore but went on to seize full control of the building.
Tensions escalated in 2017 when Barasia signed a revitalization agreement with CIDCO without consulting the other stakeholders. By 2021, though Creative Homes obtained the building domicile certificate, Barasia still denied a formal development agreement, prompting the developers to file a police complaint.
The building is currently leased to several businesses, including a liaison office of former MLA Sandeep Naik. Police have registered a case and further investigations are ongoing.
