Economic Offences Wing Charges Builder for 13 Crore Fraud in Mumbai
The Economic Offences Wing (EOW) in Mumbai has filed a chargesheet against builder Lalit Jain for tampering with property documents and defrauding a Nagpur-based businessman of Rs 12.50 crore.
FraudEconomic Offences WingProperty DocumentsBuilderWaqf BoardReal Estate MumbaiSep 22, 2025
Lalit Jain did not disclose that the property, Sanjana Building in Malabar Hill, was entangled in litigation with the Waqf Board. Jain induced complainant Mahesh Goyal and his family to invest ₹12.50 crore in the project, promising 45% equity in his Safeway Project Pvt. Ltd., along with 18% annual interest. However, only 25% shares were actually allotted, and the investment amount with interest was not returned, leading to a total loss of ₹16.46 crore, including litigation expenses, as stated in the chargesheet.
The chargesheet highlights that prime plots in Mumbai were fraudulently dealt with through companies floated by the accused. These included Metro Projects Pvt. Ltd., Metro Global Ltd., and other shell firms, which were allegedly used to camouflage ownership and siphon off funds, the chargesheet said.
Investigators found that despite the Waqf Board's restrictions on sale or transfer, the accused executed agreements with builders and financial institutions, securing crores of rupees in loans. These amounts were later diverted, causing substantial losses to the Waqf Board.
The probe showed that Lalit Jain, along with directors of Metro Projects Pvt. Ltd., manipulated board resolutions and misrepresented facts before the Registrar of Companies. Several forged powers of attorney and false affidavits were submitted to facilitate the fraudulent transactions, police said.
In one instance, a prime Waqf property in Andheri was shown as private land, mortgaged, and the money siphoned. Similarly, properties in Kurla and Goregaon were also misrepresented and commercially exploited, the chargesheet said. Officials stated that the Waqf Board repeatedly issued notices, but the accused continued to suppress facts. Eventually, after complaints from community members, the EOW registered the FIR.
The chargesheet has booked Lalit Jain and co-accused under serious offences of criminal breach of trust, cheating, forgery, and criminal conspiracy under the IPC, as well as relevant provisions of the Waqf Act.
Frequently Asked Questions
What is the Economic Offences Wing (EOW)?
The Economic Offences Wing (EOW) is a specialized unit of the police force in India that deals with financial crimes and economic offences, such as fraud, money laundering, and cyber crimes.
How much money was defrauded in this case?
The total amount defrauded in this case is ₹16.46 crore, including the initial investment of ₹12.50 crore and the interest and litigation expenses.
What was the role of the Waqf Board in this fraud?
The Waqf Board was involved in this fraud because the property in question, Sanjana Building in Malabar Hill, was entangled in litigation with the Waqf Board. Despite the restrictions on sale or transfer, the accused executed agreements and secured loans, causing substantial losses to the Waqf Board.
What companies were involved in the fraudulent transactions?
The companies involved in the fraudulent transactions included Metro Projects Pvt. Ltd., Metro Global Ltd., and other shell firms, which were allegedly used to camouflage ownership and siphon off funds.
What charges have been filed against Lalit Jain and his co-accused?
Lalit Jain and his co-accused have been booked under serious offences of criminal breach of trust, cheating, forgery, and criminal conspiracy under the IPC, as well as relevant provisions of the Waqf Act.
Related News Articles
Real Estate Market Sees Gains Amid Positive Trend
Real Estate stocks rise as S&P BSE Realty Index gains 0.96% at 8117.27
Makers of 'Burj Khalifa' Enter Mumbai with Ultra-Luxury Villa Project
The real estate market in Maharashtra is set to witness a significant transformation with the launch of 'The Casa Venero,' an ultra-luxury villa project by the makers of the world-renowned Burj Khalifa.
Kanakapura Road: Bangalore's Emerging Eco-Friendly Real Estate Hub
Kanakapura Road in Bangalore is rapidly transforming into a sought-after real estate hotspot, with many residential projects emphasizing eco-friendly living. Green initiatives, landscaped gardens, and proximity to nature are key features attracting homebu
Maharashtra: Real Estate Sectors Anticipates Revolutionary Changes with New Government
The real estate sector in Maharashtra is buzzing with optimism as the newly formed government is expected to introduce transformative policies that could unlock significant growth and development in the industry.
Wakad and Wagholi in Pune Witness Significant Real Estate Price Growth
Pune's real estate market has seen impressive growth, with Wakad and Wagholi leading the way. Wakad, a prime area, recorded a 27% price increase, while the peripheral area of Wagholi saw a staggering 37% growth.
Hiranandani Group Makes Strategic Entry into Pune's Real Estate Market with Landmark Deal
The Hiranandani Group, one of India's leading real estate developers, has officially entered the vibrant real estate market of Pune by partnering with Krisala Developers on a significant 105-acre project.