Pramesh S Jain
Acting on a complaint submitted to the Commissioner of Police,Bengaluru City,an FIR has been permitted against multiple companies and senior bank officials in connection with an alleged large-scale housing fraud involving over Rs.130 crore.
According to the complainant,approval was granted vide on February 11,2026,to register a case and initiate investigation into alleged cognisable offences.
The complaint states that joint development agreements were entered into between Senior Developers and Shore Dwellings Pvt Ltd (formerly Manthri Dwellings) for development of residential flats on the following properties located in Pune district, Maharashtra:
Survey No.16,Hissa No.4A,Kharadi village, Haveli taluk– measuring 27,100 sq.ft.
Survey No.65,Hissa No.16,Ghorpadi village,Haveli taluk– measuring 1,858.08 sq.ft.
It is alleged that Shore Dwellings entered into sale agreements with homebuyers promising construction and delivery of 123 flats within the stipulated time.
Approximately Rs.70 crore was reportedly collected from buyers.
However,the complainant alleges that the company mortgaged the properties to Yes Bank and availed loans of around Rs.40 crore.
Subsequently, the loan was allegedly taken over by ICICI Bank,which sanctioned loans totalling about Rs.130 crore, of which approximately Rs.60.67 crore was disbursed.
The complaint further alleges that despite being aware that no substantial construction had taken place and that homebuyers’funds were already invested in the project,ICICI Bank officials released the loan amounts in violation of standard project finance norms.
It is claimed that instead of utilising the funds for construction, portions of the loan were diverted for other purposes.
The complainant has also alleged that although disbursement was supposed to be linked to stages of construction,the entire loan amount was released without corresponding development on the ground.
Further, it is alleged that on December 16, 2021,an agreement was entered into with Kappa Developers LLP for development of the same project without informing or safeguarding the interests of existing flat purchasers.
The complaint names the following as accused:
Shore Dwellings Pvt Ltd (formerly Manthri Dwellings).
Senior officials of ICICI Bank.
Kappa Developers LLP.
Nidhi Jain.
Plaza Agencies Pvt Ltd and others.
The complainant has sought criminal action against the accused for alleged cheating,criminal breach of trust, conspiracy and diversion of funds.
Police sources confirmed that the matter has been taken up for investigation and further inquiry is underway.
