Builder alleges Rs 2.42cr fraud in cinema property deal

Ahmedabad: The CID (Crime) has registered a case of alleged cheating and criminal breach of trust after a city builder claimed he was duped of Rs 2.42 crore in a stalled theatre property deal involving Amrapali, Apsara and Aradhana cinemas in Ahmedabad.

The complaint was filed on Thursday by Bhavesh Jani, director of Navrangpura-based Ruchi Nirman Pvt Ltd, against five persons, including cinema operators and business associates linked to the transaction.

According to the FIR, the dispute dates back to 2016 when partners of Shree Ram Corporation and Roopam Corporation allegedly approached Jani with a proposal involving cinema properties located in Rajpur-Hirpur, Odhav and Maninagar. Five individuals have been named as the accused.

Jani alleged that the accused projected themselves as experienced theatre operators who had managed Amrapali Cinema and Apsara-Aradhana theatres for several years. During discussions, they allegedly expressed interest in selling or leasing the cinema properties while also exploring a possible arrangement involving a three-screen multiplex property developed by Jani’s firm at Changodar.

Police said both parties allegedly agreed on a deal worth Rs 12 crore for the theatre properties. Trusting the accused due to their business connections, Jani claimed he proceeded with the transaction without executing a formal written agreement.

According to the complaint, between May and July 2016, Jani paid Rs 2.42 crore to the accused, including Rs 1.70 crore through bank cheques issued from accounts linked to Ruchi Nirman Pvt Ltd and Ruchi Developers, while Rs 72 lakh was allegedly paid in cash.

The FIR stated that when Jani later sought formal agreement, the accused allegedly informed him that some partners were opposed to the transaction and requested cancellation of the deal. They subsequently issued multiple cheques assuring repayment of the money. However, the cheques allegedly bounced due to insufficient funds.

The complaint further stated that the accused later executed a written assurance promising repayment with interest by June 15, 2019, but the amount was never returned.

Jani also alleged that despite being aware of his financial claim, the accused sold one of the disputed theatre properties in 2023 to a partnership firm linked to Sheikh for more than Rs 3 crore.

The builder further accused the parties of threatening and abusing him over phone calls when he repeatedly demanded repayment.

CID (Crime) has launched an investigation into the alleged fraud and subsequent property transactions.