Pune, 7th January 2026: The Airport Police have registered a case of cheating and criminal breach of trust against ten individuals, including senior directors and officials of Phoenix Mills Limited and Vamona Developers Pvt. Ltd., in connection with an alleged ₹25 crore fraud involving commercial properties at Phoenix Market City Pune.
The FIR has been filed by Kishore Balram Nichani (65), a Mumbai-based restaurateur operating under BJN Hospitality. He has alleged that between 2012 and 2014, he purchased multiple commercial units on the second floor of the mall to start restaurants, based on assurances given by the developers.
According to the complaint, the developers allegedly misrepresented the “freehold land” status and the exact carpet area of the units. Nichani claims that while he was promised a carpet area of 1,277 sq ft for certain units, he received only 1,084 sq ft despite making full payment.
He has also alleged that the developers imposed unusually high common area loading charges, up to 67% for some units and 100% for others.
The FIR further states that approved building plans were allegedly altered without the consent of purchasers. These changes reportedly involved open spaces, storage areas, basement parking, and play zones. It is also alleged that some residential areas were illegally converted into commercial spaces without mandatory permissions.
In addition, the developers are accused of failing to form a cooperative society, refusing to execute the conveyance deed, and not handing over the project completion certificate, which amounts to violations under the Maharashtra Ownership Flats Act.
Police have registered offences under Sections 420 (cheating), 406 (criminal breach of trust), and 34 (common intention) of the Indian Penal Code, along with Sections 7, 11, and 13 of MOFA. The investigation is being led by Police Inspector Sharad Murlidhar Shelke. No arrests have been made so far.
