Ahmedabad Businessman Alleges ₹11.3 Crore Fraud in Real Estate Partnership

Ahmedabad: A businessman has lodged a complaint with the Detection of Crime Branch, alleging an ₹11.3 crore fraud in a partnership-based real estate firm. The businessman, who operates a game zone business and holds a 5% stake in the firm, has accused two managing partners of diverting funds, misusing company documents, and illegally selling flats.

According to the FIR, the complainant stated that the accused partners had complete financial and administrative control over the firm, which was formed in 2021. The firm undertook multiple real estate projects, including a residential scheme in Sola.

Suspicions first surfaced after a separate application was moved before the crime branch two months ago. A scrutiny of financial records allegedly revealed that between 2021 and March 31, 2025, one managing partner transferred ₹2.25 crore from the firm’s accounts to his personal account without informing the other partners. Additionally, around ₹5.5 crore was allegedly routed to individuals with no direct business links to the firm, with these transactions shown as loans and advances in the books.

The complaint also flags irregularities in the sale of flats. Nine units, collectively valued at ₹3.5 crore, were allegedly registered in the names of one managing partner and his brother before being sold to third parties. The proceeds from these transactions were not deposited in the firm’s accounts, as stated in the FIR.

The accused are further alleged to have used the firm’s letterheads and documents for personal dealings and collected money from prospective buyers by falsely claiming certain flats were still available, despite having already been sold.

The total alleged misappropriation stands at ₹11.3 crore. Other partners have been cited as witnesses in the case. Police have registered an offence of cheating under the Bharatiya Nyaya Sanhita, and the Economic Offences Wing of the crime branch has initiated an investigation.

This case highlights the importance of transparency and accountability in business partnerships, especially in the real estate sector, where large sums of money are involved. It serves as a cautionary tale for investors and partners to be vigilant and ensure proper financial oversight.