Mumbai Police EOW Books Real Estate Company and Directors for Defrauding Investors of Rs 31 Crore

Mumbai: City police's Economic Offences Wing (EOW) has booked a real estate company and its two directors for allegedly promising investors 18% quarterly interest per annum for investing in their project.

The accused, Ranbir Real Estate Developers LLP and its directors Jaykumar Gupta and Suyash Gupta, allegedly did not return the money to investors and cheated them of Rs 31.2 crore. The alleged crime took place between March 2021 and May 2023.

Andheri's Mahesh Doshi (71) lodged the FIR at the Andheri police station on Wednesday, and the case was subsequently transferred to the EOW. The accused were charged with cheating the complainant and 18 other investors by promising them 18% quarterly interest per annum for investing in a project they were redeveloping at Jogeshwari. The accused accepted Rs 31.26 crore from investors but failed to return the money.

The accused paid interest to the investors until February 2024 but stopped afterward. 'The project they were constructing is at the verge of completion. Around 90% to 95% work has been completed, and the developers plan to hand over the possession in the next couple of months. The investors who did not get their money back approached the police. We have registered a case and a probe is on,' said an EOW officer.

The investors invested money for interest and were not flat buyers, according to the police. The EOW is currently investigating the matter to determine the full extent of the fraudulent activities and to ensure that justice is served to the affected investors.

Real estate investments in Mumbai have been a popular choice for many, given the city's robust economy and growing demand for housing and commercial spaces. However, this case highlights the importance of due diligence and the need for stringent regulatory measures to protect investors from fraudulent schemes.

The EOW's action in this case is a significant step towards maintaining the integrity of the real estate market in Mumbai and ensuring that investors can trust the companies they invest in. The ongoing investigation is expected to uncover more details and potentially lead to further charges against the accused.

For potential investors, it is crucial to thoroughly research the companies they plan to invest with, verify their credentials, and seek legal advice before making any financial commitments. This case serves as a stark reminder of the risks involved in high-yield investment schemes and the importance of exercising caution.