Mumbai: Businessman Files FIR Against Real Estate Developers for Fraud
Mumbai: Pratik Vira, a businessman from Shivaji Park, has filed an FIR at the Matunga police station against real estate developers Kashyap Mehta, Atul Bharani, and others associated with Sunshine Group. The complaint alleges cheating, breach of trust, an
MumbaiReal EstateFraudFirSunshine GroupReal Estate MumbaiFeb 03, 2025
Vira, a construction and finance entrepreneur, has accused these individuals of cheating, breach of trust, and forgery, resulting in significant financial losses.
Vira and his father, Jayesh Vira, began investing in Sunshine Group in 2006, lured by the promise of high returns and a business partnership.
Over the years, Vira became a shareholder and director in multiple companies within the group.
However, he claims that he had no control over financial decisions, which led to a series of fraudulent activities.
The complaint states that Sunshine Group secured loans from financial institutions like ICICI Prudential and LIC Housing Finance Ltd (LICHFL) under fraudulent pretences.
One instance highlighted in the FIR is a Rs 25 crore loan taken in Vira's name in 2015 without his consent.
Another Rs 55 crore loan was secured in 2016, and in 2017, a Rs 90 crore construction loan from LICHFL, meant for the Samrudhi Garden project in Bhandup, was taken.
Out of this, Rs 18.22 crore was allegedly diverted to other entities.
Tensions between Vira and Sunshine Group escalated when he started questioning financial irregularities.
Subsequently, he was removed from company operations, leading to a series of legal battles in the National Company Law Tribunal (NCLT), National Company Law Appellate Tribunal (NCLAT), and the Supreme Court.
In 2018, a settlement agreement granted Vira a stake in one of Sunshine Group's companies, which was later renamed Sivana Realty Pvt Ltd.
However, Vira claims that the group failed to honor this commitment, resulting in an additional loss of Rs 38.35 crore.
The police have registered an offence of forgery, financial mismanagement, and breach of trust, and the case is currently under investigation by the Matunga Police.
While no arrests have been made yet, sources suggest that key figures from Sunshine Group may be called in for questioning soon.
Sunshine Group is a well-known real estate developer in Mumbai, with a portfolio that includes residential and commercial projects across the city.
The group has a significant presence in areas like Bhandup, Matunga, and Shivaji Park, but this latest development has cast a shadow over its reputation.
This case highlights the risks associated with investing in the real estate sector, especially when financial controls are lacking.
It serves as a cautionary tale for investors and highlights the importance of due diligence and transparent business practices in preventing such fraudulent activities.
Frequently Asked Questions
Who filed the FIR against Sunshine Group?
Pratik Vira, a businessman from Shivaji Park, filed the FIR against Sunshine Group and its associated developers.
What are the main allegations in the FIR?
The main allegations in the FIR include cheating, breach of trust, and forgery, with accusations of unauthorized loans and financial mismanagement.
How long has Vira been involved with Sunshine Group?
Vira and his father began investing in Sunshine Group in 2006, becoming shareholders and directors in multiple companies within the group.
What is the current status of the police investigation?
The Matunga Police have registered an offence and are currently investigating the case. No arrests have been made yet, but key figures from Sunshine Group may be called in for questioning.
What is Sunshine Group's reputation in the real estate sector?
Sunshine Group is a well-known real estate developer in Mumbai with a significant presence in residential and commercial projects. However, this latest development has raised questions about its reputation and business practices.
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