Finance Professional and Other Booked in Rs 18 Crore Fraud Case

Narayan Dhemle and Vijay Ramani, both finance experts, were among five people arrested for allegedly defrauding developer Naved Ali of more than Rs18 crore. Atul, Narayan’s son, has also been named as a co-accused in the case.

Ali was allegedly persuaded to buy roughly 18 acres of land by five people, including the Dhemles and Ramani, with the promise that the land would be transferred to NA (non-agricultural) status, but the property was unable to be transformed. The accused had pledged that the property would be utilized to produce a non-agricultural construction scheme, but this commitment was not kept. An accusation of cheating and others were filed at the Sadar police station after a court ruling.