Directors of Nagpur-Based Construction Company Accused of Cheating Economic Explosives Limited of Rs 42.98 Crore

Directors of a Nagpur-based construction firm are facing allegations of cheating Economic Explosives Limited (EEL) out of Rs 42.98 crore in a land transaction. A case has been registered against Shiv and Ritu Agrawal, directors of Haveliwala Constructions and Developers Private Limited, based on a complaint filed by Shyamsunder Mundada, EEL's deputy manager. The case has been registered under sections 420 (cheating) and 406 (criminal breach of trust) of the Indian Penal Code.

The Nagpur Police's Economic Offenses Wing (EoW) has initiated an investigation into the matter. EEL had entered into an agreement with Haveliwala Constructions and Developers Private Limited for the purchase of four parcels of land in Mouza Waddhamna and Mouza Suradurdi as part of its expansion plans for a research and development unit. The agreement was signed on July 1, 2022.

Despite receiving a significant sum of Rs 42.98 crore from EEL, the accused directors allegedly did not fulfill their part of the agreement by failing to execute the sale deed for the land. Deputy Commissioner of Police (EoW) Archit Chandak is overseeing the investigation into this alleged land fraud to uncover further details.

The investigation will seek to determine the circumstances surrounding the financial transaction and why the sale deed was not executed as agreed upon. Legal actions will be taken accordingly based on the findings of the investigation.

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