Khadakpada Police have registered a case concerning alleged cheating exceeding ₹176 crore in the Tycoon Gold Avenue redevelopment project in Kalyan West. The complaint names Shrikant Digambar Shitole, Chetan Saraf, Mahesh Gosavi and others and alleges financial irregularities, stalled construction and non-fulfilment of redevelopment commitments. The project involves Shantidoot Co-operative Housing Society and was entrusted to Tycoon Avanti Projects LLP. The complaint also alleges that society land was mortgaged through an alleged misuse of power of attorney. The allegations remain subject to police investigation and judicial scrutiny.
Tycoon Gold Avenue Case: ₹176 Crore Cheating Alleged in Kalyan Redevelopment Project, Police Register Case
A police case has been registered over alleged cheating exceeding ₹176 crore in Kalyan’s Tycoon Gold Avenue redevelopment project, involving developers, society members and hundreds of flat purchasers.
Khadakpada Police have registered a case against Shrikant Digambar Shitole, Chetan Saraf, Mahesh Gosavi and others over alleged financial irregularities linked to the Tycoon Gold Avenue project.
The case has been registered under Sections 3(5), 316(2) and 318(4) of the Bharatiya Nyaya Sanhita, according to details cited in the formal complaint itself.
The complaint alleges that construction has remained halted since 2022, while redevelopment commitments, possession timelines and financial assurances made to residents and purchasers were not fulfilled.
The redevelopment concerns Shantidoot Co-operative Housing Society Limited, located on Survey Number 22 in Chikanghar, Kalyan West, under a Maharashtra Housing and Area Development Authority MIG scheme.
Tycoon Avanti Projects LLP was entrusted with the redevelopment, while the complaint describes the project as a joint venture involving Tycoon Realties LLP and SICOM Realty Limited.
Complainant Nanda Prabhakar Mhatre stated that she paid ₹39,36,069 on August 29, 2021, for Flat Number 1101 on the eleventh floor of A Wing there.
According to the complaint, possession of the flat was expected by July 2025, but the unit was not handed over within the stated contractual timeline.
The complainant further alleged that construction reached only the tenth floor before stopping, leaving the project incomplete and affecting existing residents as well as new buyers.
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Tycoon Gold Avenue work allegedly halted since 2022
The complaint states that construction activity has remained completely suspended since 2022, creating uncertainty over possession, redevelopment obligations and the future of the unfinished residential project.
For original society members, the delay has raised concerns over promised rehabilitation, while new flat purchasers face uncertainty regarding delivery schedules and recovery of amounts already paid.
A central allegation concerns the society land, which complainants say was mortgaged to a bank through alleged misuse of powers granted under a power of attorney.
The complaint claims this transaction exposed society residents and flat purchasers to financial risk, although the allegations remain subject to police investigation and judicial scrutiny.
According to the complaint, more than ₹176 crore was collected from 184 members of Shantidoot Co-operative Housing Society and hundreds of other flat purchasers collectively.
The complainants allege that commitments relating to possession, redevelopment and financial arrangements were not honoured, and they have sought accountability from those connected with the project.
Sprouts News understands that the investigation will focus on financial transactions, bank records, land-related documents and payments allegedly collected from flat buyers and society members.
Police Inspector Premnath Shete Dhole is supervising the further investigation at Khadakpada Police Station, where officers are examining documentary and financial records connected with the redevelopment.
Police examine financial records and land mortgage allegations
Complainants have also demanded the immediate arrest of the accused persons named in the case, while police have not announced any arrest in the information provided.
The next phase of the investigation is expected to examine the money trail, mortgage documentation, authority granted to developers and contractual obligations toward residents and purchasers.
Any findings regarding criminal liability will depend on evidence gathered by investigators and subsequent judicial proceedings, while the accused will have the right to respond to allegations.
The Tycoon Gold Avenue case highlights wider concerns surrounding stalled redevelopment projects, buyer protection and financial transparency in rapidly expanding urban housing markets around Kalyan.
For affected residents and purchasers, the immediate focus remains on the police inquiry, project status and whether legal proceedings can clarify possession and financial recovery prospects.
