Breach of a pledge agreement and fraud by the developer

In April 2017, AAK entered into a Pledge Agreement (the “PA”) with a Bond Holding Company (BHC) and a Developer (DEV).

As per the PA, AAK deposited an amount in the form of Bonds with BHC, pledged to DEV, to act as a deposit for a property.

AAK received a notice in Dec. 2017 and Aug. 9, 2018, from DEV stating that his signature on the Sale & Purchase Agreement (“SPA”) is pending.

In addition, the concerned notice falsely stated that the Property is registered with DLD in the name of AAK.

Despite several written requests for a copy of the DLD registration, DEV has not provided the same with a DLD registration dated on or before the initial date of the notice.

On January 17, 2018, AAK then discovered that the amount had been redeemed from his holdings.

The PA states it is being entered into based on the Reservation Form and the SPA which had been entered into by DEV as the Seller and AAK as the Purchaser; however AAK did not enter into any SPA.

Has the PA contract been breached?