Managing director and chairman of Lok Housing, Darshan Lalit Gandhi, and his associates Natwarlal Banka, Sumit Agrawal and Sanjay Shete, were arrested this afternoon, said the Thane police spokesperson Sukada Narkar.
The case relates to a housing project in Ambarnath in the district.
They have been charged with sections 420 (cheating) and 406 (criminal breach of trust) of the IPC and relevant sections of Maharashtra Ownership of Flats Act, 1963.
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