Navi Mumbai, Aug. 14 -- A 42-year-old real estate developer from Navi Mumbai, who allegedly cheated around 350 homebuyers of Rs.4 crore four years ago, was arrested on Monday.

According to the police, Sachin Zende, proprietor of Amrit Developers and Nisarg Construction, had taken booking amounts from the customers but did not deliver the houses.

He promised them houses in his upcoming projects and open plots in Kamothe, Koproli and Kondale Chinchavli near Panvel. He had assured customers that they would get houses at below-market rates in two years.

Vijay Waghmare, police inspector, crime branch, said, "The accused had taken money in 2015 and 2016. However, he could not complete any of his projects within two years. When customers starte...