Producer Parag Sanghavi, who was arrested on 20th December in a Rs. 13.7-crore cheating case, was on 25th December remanded to judicial custody by a holiday court till 7th January, 2022. Parag, who is the CEO of Alumbra Entertainment, is one of the partners in a construction firm, along with Jitendra Jain, director of Kamla Landmarc. Jain had been arrested in 2016 by the Economic Offences Wing (EOW) for allegedly cheating home buyers.
Sanghavi informed the police that the money received from Kamla Landmarc was transferred to PB Lifestyle. He then allegedly invested money in four different companies in which he suffered huge losses. In all, five offences were registered against Parag. He has been chargesheeted in two of them while three others are pending.
The fresh case pertained to a complaint by Sujal Developers which had purchased three flats in 2013 at Turner Road (Bandra, Bombay) from Kamla Infra and Kamla Landmarc Properties, both companies belonging to the Kamla Landmarc group. On Jitendra Jain’s request, the complainant rented out the three flats to Alumbra Entertainment and Metallica Pvt. Ltd. Without the complainant’s knowledge, Jain, Sanghavi and a few others sold the said flats to a third party, causing an alleged loss of over Rs. 13.7 crore.