Mumbai Police Probes ₹18.09 Crore Fraud in Malad Property Redevelopment
The Economic Offences Wing (EOW) of the Mumbai Police is investigating a major redevelopment fraud case involving three developers accused of cheating a Kandivali-based businessman of ₹18.09 crore by faking property ownership in a Malad project.
Property FraudRedevelopmentEconomic Offences WingMumbai PoliceReal EstateReal Estate MumbaiNov 06, 2025
The complaint was filed against Apoorva Shah, Sheetal Shah, and Vishesh Shah, who allegedly misrepresented the ownership of two adjoining properties—Ram Niwas (Survey Nos. 695, 695/1–7) and Kamal Kunj (Survey Nos. 694/1–11)—located on Ramchandra Lane, Malad (West). The properties were presented as ideal for a lucrative redevelopment venture.
Investigators now say the developers concealed critical information about the properties’ legal status. The trio did not disclose that the properties were not “clear title” and were entangled in ongoing litigation. Despite this, they entered into a Joint Development Agreement (JDA) with Singh’s firm, purportedly to carry out the redevelopment. The accused allegedly provided fabricated ownership documents to lend credibility to their claim and induce Singh to invest.
By the time the discrepancies came to light, significant funds had already changed hands. Singh’s complaint details how the accused lured him with promises of high returns and swift construction progress. He reportedly invested ₹18.09 crore to cover permissions, tenant vacating, excavation, and plinth-level construction. However, investigators allege that the money was diverted and no tangible work was undertaken on the site.
“After receiving the funds, the accused failed to execute the project or refund the investment, thereby committing fraud,” the FIR states. The episode has drawn the attention of financial crime units due to its scale and the involvement of multiple real estate entities. The EOW’s early findings suggest that the funds were dispersed across several accounts, raising questions about possible misuse beyond the Malad project.
Following Singh’s formal complaint, the Malad Police registered an FIR under relevant provisions of the Bharatiya Nyaya Sanhita (BNS)—India’s new criminal code—covering cheating and criminal breach of trust. The case has since been transferred to the Economic Offences Wing (Unit 12) for a detailed investigation. Senior officials familiar with the matter confirmed that investigators are examining financial trails, corporate linkages, and the authenticity of the documents used to secure Singh’s investment.
“The nature of the alleged deception—using redevelopment as a pretext—makes it a classic case of urban property fraud,” one official said on condition of anonymity.
Frequently Asked Questions
What is the total amount of money involved in the fraud?
The total amount of money involved in the fraud is ₹18.09 crore.
Who filed the complaint against the developers?
The complaint was filed by Rakesh Virendra Singh, a builder from Thakur Complex, Kandivali (East).
What were the properties involved in the fraud?
The properties involved in the fraud are Ram Niwas (Survey Nos. 695, 695/1–7) and Kamal Kunj (Survey Nos. 694/1–11), located on Ramchandra Lane, Malad (West).
What did the developers conceal about the properties?
The developers concealed that the properties were not ‘clear title’ and were entangled in ongoing litigation.
Which police unit is investigating the case?
The Economic Offences Wing (EOW) of the Mumbai Police is investigating the case.
Related News Articles
Bureaucratic Shuffles and Political Power Plays: What's in Store for UP?
Manoj Saunik, former Chief Secretary of Maharashtra, has been appointed as Chairman of Maharashtra Real Estate Regulatory Authority. Meanwhile, BJP gears up for elections in Haryana without an alliance.
Govt May Offer Relief on LTCG Tax on Real Estate to Boost Demand
The government may address concerns over the Budget proposal to revise the taxation of long-term capital gains (LTCG) from real estate transactions, offering some relief to boost demand.
Luxury Living: Billionaire Couple Michelle and Yohan Poonawalla's 30,000 sq ft Mansion in Mumbai
Mumbai's real estate market continues to soar as affluent industrialists and billionaires invest in high-end properties across the city.
CIDCO Must Register as Promoter with MahaRERA for Land Plot Sales
Mumbai: In a recent ruling, the Maharashtra Real Estate Appellate Tribunal (MREAT) has directed CIDCO to register itself as a promoter for its land plot sales.
Pune News: MahaRERA Conciliation Forums Resolve Over 1,000 Homebuyer Complaints
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has successfully resolved over 1,000 disputes between homebuyers and developers, bringing much-needed relief and transparency to the real estate sector in Pune and across the state.
Techie's Relocation Dilemma: Which City is the Best for Tech Professionals?
Pune and Hyderabad have similar lifestyles, but Pune offers better opportunities for techie professionals. The debate over which city is the best for tech relocation continues to rage on social media.