EOW Registers FIR Against Everest Group Directors for Alleged ₹96.7 Crore Fraud in Real Estate Deal
The Economic Offences Wing (EOW) in Mumbai has registered a First Information Report (FIR) against the directors of Everest Group for an alleged cheating case involving ₹96.7 crore. The dispute is related to the development of a prime real estate property measuring 28,437.29 square meters.
Real EstateFraudEowFirEverest GroupReal Estate MumbaiApr 09, 2025
The case has been initiated based on a complaint filed by a real estate developer who accused the Everest Group directors of misrepresenting the property and failing to honor their contractual obligations. According to the complaint, the developers were lured into a joint development agreement with promises of substantial returns and a fair share of the profits. However, the project allegedly encountered numerous delays and financial discrepancies.
The allegations include falsification of documents, non-payment of agreed sums, and improper use of funds meant for the development of the property. The complainant also accused the Everest Group of creating multiple agreements with different parties, leading to legal and financial complications.
The EOW's investigation is currently in its initial stages, but sources suggest that the case has the potential to uncover a larger web of financial irregularities and corporate malpractices. The real estate sector in Mumbai has been under scrutiny for several such cases in recent years, prompting authorities to take stringent measures to ensure transparency and accountability.
If the allegations are proven, the Everest Group directors could face severe legal consequences, including imprisonment and hefty fines. The case also highlights the need for stricter regulations and oversight in the real estate sector to protect investors and developers from fraudulent practices.
The EOW's intervention is expected to bring some clarity and justice to the aggrieved parties, while also serving as a deterrent to other potential frauds in the industry. The development of the case will be closely monitored by the real estate community and the public, given the significant financial and social implications involved.
For now, the Everest Group has not issued an official statement in response to the FIR. However, sources close to the company have hinted at the possibility of challenging the allegations in court and providing a detailed defense of their actions.
Frequently Asked Questions
What is the main reason for the FIR being registered against Everest Group directors?
The FIR has been registered due to allegations of cheating involving ₹96.7 crore in a real estate development project.
What are the key allegations made against Everest Group?
The key allegations include falsification of documents, non-payment of agreed sums, and improper use of funds meant for the development of the property.
Which authority registered the FIR against Everest Group?
The Economic Offences Wing (EOW) in Mumbai registered the FIR.
What is the size of the property involved in the dispute?
The property involved in the dispute measures 28,437.29 square meters.
What are the potential consequences if the allegations against Everest Group are proven?
If the allegations are proven, the Everest Group directors could face severe legal consequences, including imprisonment and hefty fines.
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