Mumbai Police Investigates Rs 68 Crore Fraud in Family-Run Real Estate Firm
The Economic Offences Wing (EOW) of the Mumbai Police has initiated an investigation into an alleged Rs 68 crore fraud within Rizvi Estates and Hotels Pvt Ltd, following a complaint by builder Akhtar Hasan Rizvi against his ex-wife, daughter, and several associates.
FraudReal EstateMumbai PoliceEconomic Offences WingRizvi EstatesReal Estate MumbaiSep 14, 2025
Bandra police registered a case of cheating, forgery, breach of trust, and criminal conspiracy under the relevant sections of the Indian Penal Code. The alleged fraud took place between 2010 and 2017. In addition to Meena and Reshma, Rizvi has accused chartered accountant Stanislaus Mark Lasardo, accountant Ganapathy Raya Hegde, secretary Rupesh Mahadeshwar, and relative Javed Hasan Rizvi of aiding the conspiracy. They are alleged to have misused Rizvi's digital signature, falsified income-tax filings, and made fake entries in company records.
Rizvi, who founded the family-run real estate and hospitality firm, claimed that until 2017, the company owned 17,760 shares, with each share estimated at Rs 1.04 lakh, placing the company's valuation at Rs 235 crore. He held a controlling majority of 14,591 shares (82.2%), with the balance held by his sons Abis and Saqib, Meena, and Reshma. Following the deaths of his two sons in 2010 and 2017, respectively, Rizvi's shareholding was to rise to 10,067 shares after various transfer agreements, wills, and settlements.
However, in 2022, Rizvi discovered that his holding had been drastically reduced to just 3,583 shares or 20.2%, while Reshma and Meena together controlled over 8,100 shares. Upon further inquiry, he obtained copies of two unregistered 'gift deeds' dated January 25, 2017, allegedly prepared by Reshma and Meena, under which 4,520 shares were transferred to his daughter and 753 to his former wife. Rizvi claimed that his signatures were forged on both the deeds.
In his complaint, Rizvi alleged that a total of 6,484 shares worth nearly Rs 68.1 crore were fraudulently transferred to Reshma and Meena. He has sought strict legal action against all six accused for criminal conspiracy, forgery, cheating, and misappropriation of assets. The EOW is now conducting a detailed investigation to verify these claims and take appropriate legal action.
Frequently Asked Questions
What is the total amount of the alleged fraud?
The alleged fraud involves Rs 68 crore worth of shares in Rizvi Estates and Hotels Pvt Ltd.
Who are the accused in this fraud case?
The accused are Akhtar Hasan Rizvi's ex-wife Meena, daughter Reshma, chartered accountant Stanislaus Mark Lasardo, accountant Ganapathy Raya Hegde, secretary Rupesh Mahadeshwar, and relative Javed Hasan Rizvi.
What is the current status of the investigation?
The Economic Offences Wing (EOW) of the Mumbai Police has initiated an investigation into the alleged fraud. The case is currently being examined to verify the claims and take appropriate legal action.
What were the initial shareholdings of Akhtar Hasan Rizvi?
Initially, Akhtar Hasan Rizvi held a controlling majority of 14,591 shares (82.2%) in Rizvi Estates and Hotels Pvt Ltd.
What evidence has Rizvi provided to support his claims?
Rizvi has provided copies of two unregistered 'gift deeds' dated January 25, 2017, allegedly prepared by his daughter Reshma and ex-wife Meena, under which 4,520 shares were transferred to his daughter and 753 to his former wife. He claims his signatures were forged on both deeds.
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