Mumbai Police Book Seven Individuals and Real Estate Firm for ₹17 Crore Fraud
The Mumbai police have registered a case against seven individuals and a real estate firm for allegedly cheating Runwal Enterprises Ltd. (REL) of nearly ₹17 crore by “illegally” transferring development rights of a prime land parcel in Pune and creating third-party interests without consent.
The accused named in the FIR are Meenadevi Satish Mittal, Ashish Satish Mittal, Kavita Ankush Agarwal, Ranjit Darak, Nitin Chavan, Nitin Mittal, and M/s Bridgewater Realty LLP.
According to the police, the disputed land admeasures 39,392 sq metres and is located at Lohgaon, Haveli taluka, Pune district. The complainant has alleged that despite REL having lawful possession and development rights over the land, the accused conspired to unlawfully assign the property in favour of Bridgewater Realty LLP, thereby committing fraud.
As per the FIR, the complainant, Subodh Subhash Runwal, 50, Director of Runwal Enterprises Ltd., a resident of Sion (East), Mumbai, had submitted a written complaint to the Economic Offences Wing (EOW), Mumbai, on December 5, 2025. Following a preliminary inquiry, the EOW directed the registration of the offence at the Chembur police station.
Runwal stated that in 2007, his company was informed about the availability of the land bearing Survey No. 217, Hissa No. 02, at Lohgaon for development. Further inquiry revealed that while ownership of the land vested with Skyline Cooperative Housing Society Ltd., the development rights were held by M/s Wonder Properties, a sole proprietorship of Satish Mittal.
Subsequently, a joint venture was proposed, and on March 29, 2007, a Joint Venture Agreement (JVA) was executed between Runwal Developers Pvt. Ltd. (RDPL), M/s Wonder Properties, and Skyline Cooperative Housing Society Ltd. The project was to be developed under the name “Runwal Wonder Venture” through an Association of Persons (AOP). The agreement was registered on August 22, 2007, at the Sub-Registrar’s Office, Haveli, Pune.
A registered Power of Attorney was also executed in favour of RDPL and its directors to carry out development-related activities. As per the agreement, RDPL issued a refundable security deposit cheque of ₹10 crore to Satish Mittal of Wonder Properties. Additionally, Runwal claimed that nearly ₹7 crore was spent on initial development works, including construction of RCC structures up to four floors for two residential buildings.
Following delays due to other projects and later the Covid-19 pandemic, construction stalled. Satish Mittal passed away on January 17, 2016. After his death, the joint venture allegedly stood reconstituted into a sole proprietorship, vesting full development rights with RDPL. These rights were later assigned to Runwal Enterprises Ltd. through a Deed of Assignment dated February 17, 2021.
While collating documents for its proposed IPO, REL obtained the property card on January 14, 2025, and discovered that the legal heirs of Satish Mittal, with the help of others, had executed an Assignment Deed on February 24, 2021, transferring the property in favour of Bridgewater Realty LLP. A corresponding mutation entry was recorded on August 24, 2024, allegedly creating third-party rights.
Police said Ranjit Darak and Nitin Chavan are partners of Bridgewater Realty LLP. Runwal Enterprises has since challenged the disputed mutation entry by filing an appeal before the Superintendent of Land Records, Haveli, Pune, on March 25, 2025. The matter is currently sub judice.
The complainant has further alleged that Nitin Mittal has been sending defamatory communications to REL and its associates, falsely claiming ownership rights over the land and demanding ₹500 crore, while threatening criminal action if the demand is not met.
Based on the complaint, police have registered offences under Sections 318(4), 61(2), and 3(5) of the Bharatiya Nyaya Sanhita (BNS) Act, and initiated further investigation.
