Pune: Gagan Group Promoters Booked In ₹12.58 Crore Real Estate Fraud Linked To Koregaon Park Project 

Pune, July 17, 2026: The Economic Offences Wing (EOW) of Pune Police is investigating an alleged ₹12.58 crore real estate fraud involving Gagan Life Spaces LLP’s “The Vibe” project in Koregaon Park. An FIR has been registered against promoters Sushil Ghansham Agarwal and Vishal Ghansham Agarwal for allegedly cheating an elderly couple by promising commercial shops in the project after failing to return their investment.

According to police, the complaint was filed by Sajjad Hussain Ghulamhussain Gabrani (80), a resident of Boat Club Road, Pune. Acting on the directions of Pune Police Commissioner Amitesh Kumar, officers visited the complainant’s residence to record his statement after learning that the elderly family had allegedly been defrauded.

Investment of ₹11 Crore, Promise of Three Shops

According to the FIR registered at Koregaon Park Police Station, the accused allegedly convinced the complainant and his wife to invest ₹11 crore in “The Vibe” project, claiming that the project had already secured a ₹30 crore bank loan, thereby portraying it as financially secure.

Initially, the investors reportedly received returns on their investment. However, when they later sought repayment of the principal amount, the developers allegedly stated that the money could not be refunded in one instalment.

Instead, they reportedly offered three commercial units Shop Nos. 14, 15 and 34—in the project as compensation.

Additional ₹1.58 Crore Allegedly Collected

Police said the developers allegedly demanded an additional ₹1.58 crore towards registration charges and GST for transferring ownership of the promised shops.

Despite collecting the amount, the complainant alleged that the developers neither completed the construction nor handed over possession of any of the shops.

The total alleged financial loss in the case amounts to ₹12.58 crore.

Police Probe Underway

The alleged fraud is reported to have taken place between 2017 and the present at the developer’s office near the Sulax Car Showroom on Boat Club Road, Koregaon Park.

Police said both accused have previously faced complaints in similar cases registered at different police stations.

The investigation is currently being carried out by Assistant Police Inspector Kalyani Padole of the Economic Offences Wing (EOW), Pune Police, which is examining the financial transactions and other evidence related to the case.

The investigation is ongoing, and further legal action will depend on the findings of the probe.