Mumbai Fraud: 73-Year-Old Investor Deceived of ₹26.54 Crore by Real Estate Firm
Mumbai: The Vile Parle Police have registered a criminal case against three directors of Shamik Enterprises Ltd.—Haresh Sakalchand Hirani, Suresh Pratapchand Hirani, and Sandip Sakalchand Hirani—for allegedly defrauding a 73-year-old resident of Girgaon, Chunnilal Vardhichand Shah, of ₹26.54 crore under the pretext of a real estate investment.
According to the FIR, Shah, along with his wife and sons—Nimit and Mahavir—invested ₹25.59 crore in cash and ₹95 lakh via cheque in Shamik Enterprises Ltd. between 2011 and 2018. The investment was made with the assurance of receiving four residential flats in the company’s Hirani Villa project located in Vile Parle, Mumbai.
The accused allegedly failed to return the invested amount and did not transfer the ownership of the four promised flats, which was being developed by their company. This has resulted in an alleged financial fraud amounting to ₹26.54 crore.
Initially, Shah refrained from filing a complaint due to personal and familial ties with the accused. However, after repeated delays and no resolution, he lodged a formal complaint. Based on the complaint, the Vile Parle Police registered a case on June 16, under Sections 406, 409, 420, and 34 of the Indian Penal Code.
Shamik Enterprises Ltd. is a well-known real estate firm in Mumbai, known for its various residential and commercial projects. The firm’s failure to honor the investment agreement has not only caused significant financial loss to the elderly investor but has also raised concerns about the transparency and reliability of real estate investments in the city.
Legal experts advise potential investors to conduct thorough due diligence and seek legal advice before making any significant financial commitments. This case highlights the importance of verifying the credibility of real estate projects and the integrity of the companies behind them.
The Vile Parle Police have initiated a detailed investigation to trace the flow of funds and identify any other victims. They urge anyone with information related to this case or similar fraudulent activities by Shamik Enterprises Ltd. to come forward and assist in the investigation.
