Mumbai: The Economic Offences Wing has arrested a 70-year-old man, Prabhakar Shetty, from Karkala in Karnataka’s Udupi district in an alleged real estate fraud case running into Rs17.74 crore involving
forged government documents and fake MHADA allotment papers.
The fraud was allegedly perpetrated by key accused, Rupesh Prabhakar Chaudhary (now deceased), posing as an Intelligence Bureau (IB) officer. Shetty was produced before Esplanade Court on Tuesday, where he was remanded to police custody till December 12.
He is accused of introducing victims to Chaudhary, falsely assuring them that they would receive MHADA flats at nominal rates. During the probe, the EOW also found multiple transactions of fraud money in Shetty’s bank account, confirming his financial involvement. The case was busted last month.
The FIR was registered in Dindoshi police station on the basis of a complaint filed by Mohammad Aslam Qureshi, 45, a businessman, who alleged that he along with several other investors was cheated of Rs17.74 crore between January 2023 and July 2025. He named Chaudhary, his wife Nikki Chaudhary, Shetty and one Roland Karkada, 50.
Qureshi said Chaudhary posed as a senior IB officer with strong links to MHADA and MMRDA. He allegedly promised investors affordable flats under government housing schemes and presented forged allotment documents and fabricated government letters to gain confidence.
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