Mumbai: The Mumbai Police's Economic Offense Wing under crime Branch has arrested Bollywood filmmaker Parag Sanghvi on charges of housing fraud case, a Police official said on Tuesday. The court has remanded Sanghvi to police's Economic Offense Wing (EOW) custody till December 25.
Mahendra Ranamal Shah has made financial allegations against Bollywood director Parag Sanghvi. Sanghvi home productions include films like Bhootnath Returns, The Attack of 26/11. A FIR has been registered under section 409,420,465,764,471,120 (b), 34 b. He has been accused of financial fraud of Rs 13,74,00,000. The director was arrested in connection with the selling of two flats, located at Turner Road in suburban Bandra, to a third party and involvement of a corporate group's company where Sanghvi is a director, the official said.
He had purchased three flats in 2013 at Turner Road from Kamala Infra and Kamala Landmark Properties, companies of the Kamala Landmark group. The complainant Mahendra Ranamal Shah rented out one of the flats to Alumbra Entertainment and Kamala Landmark group.
One flat was given on lease by the plaintiff to the sister company of Kamala Landmark Group and Alumbra Entertainment & Media Pvt Ltd. While the flats were on a lease, Kamala Landmark Properties of Kamala Landmark Group sold it to a third party victim.
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Parag Sanghvi is the CEO of Alumbra Group and Lotus Film Company. Alumbra Company is the sister company of Kamala Group. The Kamala Group duped people's money and diverted it to Elumbra, Playboy and other companies. A total of Rs 42 crore was diverted from Kamala Group of Companies to the other three companies. A total of five cases have been registered against Parag Sanghvi in the Economic Offense Wing of the Mumbai Crimes Branch.
In September, ED officials raided several places of Parag Sanghvi. Action has been taken against Parag Shanghvi in the money laundering case related to the bank default case. Meanwhile, ED officials questioned Parag Sanghvi for several hours.
