Khadakpada Police have registered a case over alleged financial irregularities exceeding ₹176 crore in Kalyan's Tycoon Gold Avenue redevelopment project. The complaint names Shrikant Digambar Shitole, Chetan Saraf, Mahesh Gosavi and others and alleges stalled construction and unauthorised mortgage of society land. Homebuyer Nanda Mhatre claims she paid over ₹39 lakh but did not receive possession as promised by July 2025. Developer Shrikant Shitole has denied the allegations, describing the delay as technical, while police investigate the matter.
Tycoon Gold Avenue Fraud Case: ₹176 Crore Allegation Sparks Police Investigation in Kalyan; Developer Denies Charges
An FIR against Shrikant Digambar Shitole, Chetan Saraf, Mahesh Gosavi and others raises questions over stalled MHADA redevelopment, alleged land mortgage and delayed flat possession.
Police have registered a criminal case concerning alleged financial irregularities exceeding ₹176 crore in the Tycoon Gold Avenue redevelopment project in Kalyan West.
The case, filed at Khadakpada Police Station, names developer Shrikant Digambar Shitole, Chetan Saraf, Mahesh Gosavi and others following a complaint by homebuyer Nanda Prabhakar Mhatre.
Investigators have invoked Sections 3(5), 316(2) and 318(4) of the Bharatiya Nyaya Sanhita, covering common intention, criminal breach of trust and cheating involving property.
The Tycoons Group has rejected the allegations, disputed the ₹176 crore figure and attributed delays to policy-related complications affecting MHADA redevelopment projects in Chikanghar.
Tycoon Gold Avenue Redevelopment: Buyers Await Possession
The dispute concerns Shantidoot Cooperative Housing Society Limited, situated on Survey No. 22 in Chikanghar, near Birla College, under the Maharashtra Housing and Area Development Authority’s MIG scheme.
According to the complaint, redevelopment responsibilities were assigned to Tycoons Avanti Projects LLP, described as a joint venture involving Tycoons Realty LLP and Seacom Realty Limited.
Complainant Nanda Prabhakar Mhatre booked Flat No. 1101 on the eleventh floor of A-Wing on August 29, 2021, for an agreed consideration of approximately ₹68.15 lakh.
Mhatre reportedly paid ₹39,36,069 towards the apartment, expecting possession by July 2025 under the agreement, but alleges that the promised residential property remains undelivered.
The complaint further alleges that construction progressed only to the tenth floor before stopping in 2022, leaving original society members and prospective purchasers facing prolonged uncertainty.
Alleged Land Mortgage and ₹176 Crore Financial Dispute
Another central allegation concerns the developers’ purported misuse of a power of attorney granted by society members, allegedly enabling the mortgage of society-owned land.
According to the complainant, financial transactions involving 184 original members of Shantidoot Cooperative Housing Society and hundreds of prospective flat purchasers collectively exceeded ₹176 crore.
However, the ₹176 crore amount remains a disputed allegation rather than an independently established financial loss, with the developer expressly challenging the complainants’ interpretation of transactions.
The disputed mortgage arrangement also raises questions about property rights, financing arrangements and contractual obligations, although determining whether any unlawful conduct occurred remains the investigators’ responsibility.
Tycoons Group Rejects Allegations, Cites MHADA Policy Delays
Responding to the allegations, the Tycoons Group maintained that the complainant’s residential transaction involved approximately ₹40 lakh and categorically rejected claims of a ₹176 crore fraud.
The developer attributed construction delays to policy-related difficulties affecting MHADA projects in Chikanghar, stating that these circumstances had created financial challenges and disrupted possession schedules.
The group further maintained that the project was registered with the Real Estate Regulatory Authority, suggesting that aggrieved purchasers should approach the appropriate RERA forum.
In its reported response, the developer also alleged interference by local opponents and political interests, maintained that it possessed supporting evidence, and promised cooperation with police.
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Police Investigation Focuses on Financial and Property Records
The investigation is proceeding under the guidance of Police Inspector Premnath Shete Dhole, with attention focused on financial transactions, banking documentation, redevelopment agreements and property records.
Investigators are expected to examine payments received from purchasers, the authority granted through society documents and circumstances surrounding the alleged mortgage of the redevelopment property.
Affected residents and purchasers have demanded prompt action against those named in the complaint, while the allegations themselves remain subject to investigation and judicial scrutiny.
The dispute highlights broader concerns surrounding delayed housing redevelopment, financial transparency and protections available to purchasers when construction commitments and agreed possession schedules remain unfulfilled.
For Sprouts News, the central unresolved questions concern the disputed financial calculations, the legality of the alleged mortgage and the developer’s ability to complete construction.
The outcome will depend on documentary evidence, police findings and any subsequent regulatory or judicial proceedings, with no criminal liability established merely through registration of the FIR.
