The Economic Offence Wing (EOW) of Mumbai Police has registered a First Information Report (FIR) under Sections 420 (cheating) and 120B (criminal conspiracy) of the Indian Penal Code against key individuals associated with Anchor Leasing and Shah Construction Company, including Jadaviji Shah and the other beneficiaries and shareholders of the companies; the other beneficiaries and shareholders of the companies include Atul Damji Shah, Mehul Jahdavi Shah, Sanjay Damji Shah, Jaywanti Jadhavji Shah, Hemang Jadhavji Shah, Kanan Hemang Shah, Shantaben Damji Shah, Heena Sanjay Shah, and Usha Atul Shah.
The FIR was filed based on a complaint by Ashwin Sheth of Ashwin Sheth Group, alleging that they were duped of Rs 51 crore in 2008.
According to the complaint, in 2008, Rs 51 crore was invested to develop a prime plot of land in Andheri. The funds were provided with the understanding that the accused would formalize the agreement and initiate the development process but instead they misappropriated the funds unbeknownst to the complainant.
A representative of the Ashwin Sheth Group stated:
“This case is a testament to the breach of trust and unethical practices adopted by Anchor Leasing and Shah Construction Company. The substantial investment of Rs 51 crore in 2008 was made in good faith with the expectation of a transparent partnership but the same turned out to be nothing but false promises and they have committed a criminal breach of trust by misappropriating funds.”
The group emphasised its commitment to seeking justice and recovering the dues, which now amount to over Rs 700 crore. The EOW’s investigation will delve into the financial trail and the actions of the accused individuals. The FIR underscores allegations of deliberate deceit and criminal conspiracy, Legal experts believe this case could set a precedent in addressing large-scale financial fraud in Mumbai’s real estate sector.
This development has sent ripples through Mumbai’s real estate community, highlighting the importance of ethical business practices and transaction transparency. Experts opine that cases like this could push stakeholders to adopt stricter due diligence protocols when entering partnerships.
The Ashwin Sheth Group has urged the authorities to expedite the investigation and ensure justice prevails. Meanwhile, Anchor Leasing is yet to respond to the allegations. The Ashwin Sheth Group remains optimistic about recovering their dues and hopes this case will deter fraudulent activities in the industry.