An FIR has been filed against Wadhwa Group for allegedly cheating Policon Realtors of Rs 57 crore. The case, transferred to the Economic Offences Wing (EOW), accuses Wadhwa Group directors, including Navin Makhija, of failing to honour financial commitments in a redevelopment agreement. Despite receiving additional floor space index (FSI) and funds as part of a settlement deal, Wadhwa Group allegedly defaulted on payments.
In 2003, Policon Realtors secured a tender to redevelop Unnat Nagar Akshaya Cooperative Housing Society in Goregaon (W), which was to include five towers with 68 flats each. However, construction was halted due to the resident refusal to vacate and changes in Mhada rules, resulting in a stay order.
In 2009, Wadhwa Group was brought in to complete the project, agreeing to pay Rs 5 crore and allocate 18% of the saleable flat area. However, they only paid Rs 2.5 crore and failed to initiate construction. Despite a revised agreement in 2013, Wadhwa Group refused further payments and did not meet construction deadlines. After a court-appointed arbitration, Wadhwa Group allegedly did not honour the settlement terms, leading to the filing of the FIR.