Nirmal Lifestyle promoters Dharmesh Jain and Rajiv Jain were produced before the Esplanade metropolitan court on May 3, 2023. They were denied bail and remanded to judicial custody till May 16, 2023.
In their bail plea, the Jains submitted documents showing that consent terms were signed with 29 home buyers who were part of the FIR, basis which EOW arrested them.However, the bail was opposed citing that there were atleast three FIRS registered against the Jains with the fraud running in crore.
EOW arrests Nirmal Lifestyle promoters over project delays
Nirmal Lifestyle promoters Dharmesh Jain and Rajiv Jain were arrested by the Economic Offences Wing (EOW) of the Mumbai Police, following an first information report (FIR). After producing them in a local court, the police got custody of the Jains till May 3, 2023.
Thirty-four homebuyers had booked properties in Nirmal Lifestyle projects Olympia, Panorama and Spirit in 2011 but still hadn’t received possession of the project that has not even been constructed yet. They filed an FIR in April 2022.
According to the MahaRERA list on projects facing insolvency published last week, around 28 projects of the Mumbai-based developer are facing insolvency proceedings before the National Company Law Tribunal (NCLT).
Also, in January 2023, Bank of Baroda had taken possession of the Nirmal Lifestyle Mall in Mulund over loan payment default.
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