The Bombay High Court has denied pre-arrest bail to Mumbai-based developer Rajesh Jain, who is accused of cheating a doctor out of Rs.90 lakh by promising a flat in his Parsi Colony project. Justice N J Jamadar, on August 26, highlighted the potential for other victims and criticized Jain's dishonest conduct.

In January 2012, Jain, representing himself as a reputable developer, convinced Dr. Bharati Patil and her son Dr. Nirmal to invest in 'Neumac Aura,' assuring them a flat worth double their investment. By 2016, approximately ?90 lakh had been transferred to Jain's company. Despite issuing an allotment letter for a flat in August 2019, the site showed no development. In June 2023, Jain allegedly refused to refund the money and threatened the Patils.

The court heard that the construction had only reached the ground floor, contrary to Jain's claims of BMC-related delays. Evidence showed repeated commencement certificates but no substantial progress. Jain's defense argued that the issue was a breach of contract rather than criminal cheating. However, Justice Jamadar emphasized the need to investigate Jain's intention and concluded that his custodial interrogation was necessary due to the perceived intent to defraud.