Builder booked for fraudulently selling firm's Rs 3.20 cr TDR

An FIR has been registered against a developer who allegedly duped a construction company to the tune of Rs 3.20 crore by fraudulent Transfer of Development Right of 930 sq metre area nearly a decade ago and then selling it, an EOW official said.
The Transfer of Development Right (TDR) is generated on slum redevelopment projects where an owner or builder redevelops slums free of cost and gets TDR as an incentive under Development Control (DC) rules.
Quoting the FIR registered on the basis of a complaint, the Economic Offences Wing (EOW) of Mumbai said accused Nailesh Mehta of Dev Developers in Andheri pretended himself as the partner of Zoomi Construction Company by preparing fake documents and acquired the latter's rightful TDR from the Slum Rehabilitation Authority (SRA).

He then sold the TDR to a third party, thus causing the company an estimated loss of Rs 3.20 crore, he said.
The FIR in this regard was registered on October 2 following the cheating charges levelled by Javed Pathan (48), owner of Zoomi Construction Company, against Mehta and others, said the official privy to the probe.
Explaining the sequence of events that led to the crime, an EOW official said Pathan had in 2002 embarked on a project to develop a slum locality in Teli Galli of suburban Andheri under the SRA scheme.
As Pathan was facing financial troubles, Mehta approached him and expressed his willingness to complete the project as a sub-contractor and accordingly both the parties struck a deal, police said.

After completion of the project, Zoomi Construction was entitled to the TDR as per norms of SRA, police said.