68 Crore Corporate Fraud Case Registered Against Rizvi Estate & Hotels Pvt Ltd Directors
A ₹68 crore corporate fraud case has been registered against the directors of Rizvi Estate & Hotels Pvt Ltd, involving the fraudulent transfer of shares using forged documents.
Corporate FraudMumbai PoliceEconomic Offences WingRizvi EstateShare FraudReal Estate MumbaiSep 15, 2025
According to the FIR, Rizvi, who is the owner of shares in M/s Rizvi Estate & Hotels Pvt Ltd, alleged that he was entitled to 10,067 company shares in his name. However, on verification, it was found that only 3,583 shares were recorded.
The remaining 6,484 shares, valued at ₹68,07,55,160, were allegedly transferred fraudulently using forged documents.
The accused have been identified as Reshma Gufran Rizvi, Meena Rizvi (Arte), Stanislaus Mark Lassardo, Ganpati Raya Hegde, Rupesh Raghunath Mahadeshwar, and Javed Hasan Rizvi.
The complaint states that the accused, allegedly acting in collusion, prepared and used forged documents to transfer the shares for their own benefit, thereby cheating the complainant.
The EOW has taken over the investigation to probe the alleged conspiracy, the role of each accused, and the preparation of fraudulent papers that facilitated the transfer.
This case adds to the growing number of high-value corporate frauds currently under the scanner of Mumbai Police’s Economic Offences Wing.
Rizvi Estate & Hotels Pvt Ltd is a prominent real estate and hospitality company in Mumbai, known for its diverse portfolio of properties and hotels. The company has been a significant player in the local real estate market, and this fraud case has raised concerns among investors and stakeholders.
The Mumbai Police’s Economic Offences Wing is known for its expertise in handling complex financial crimes and has a track record of successfully investigating and prosecuting high-profile cases. The EOW’s involvement in this case is expected to ensure a thorough and fair investigation, bringing the perpetrators to justice and restoring investor confidence in the market.
Frequently Asked Questions
What is the total value of the fraud alleged in the case?
The total value of the fraud alleged in the case is ₹68,07,55,160.
Who is the complainant in the case?
The complainant in the case is 83-year-old builder Akhtar Hasan Rizvi, a resident of Carter Road, Bandra (West).
Which organization is investigating the case?
The Economic Offences Wing (EOW) of the Mumbai Police is investigating the case.
What are the names of the accused in the fraud case?
The accused in the fraud case are Reshma Gufran Rizvi, Meena Rizvi (Arte), Stanislaus Mark Lassardo, Ganpati Raya Hegde, Rupesh Raghunath Mahadeshwar, and Javed Hasan Rizvi.
What is the role of the Economic Offences Wing in such cases?
The Economic Offences Wing (EOW) is responsible for investigating complex financial crimes, including corporate fraud, and ensuring that the perpetrators are brought to justice.
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