Mumbai Real Estate CEO Booked for ₹13.65 Crore Fraud: A Case of Deception and Betrayal

Real estate developer and CEO Pratik Vira accused of forging documents and duping partner Khaysap Mehta of ₹13.65 crore. Find out how Vira allegedly produced fake documents to acquire 71 flats.

MumbaiReal EstateFraudPratik ViraSunshine Housing Pvt LtdReal Estate NewsAug 03, 2024

Mumbai Real Estate CEO Booked for ₹13.65 Crore Fraud: A Case of Deception and Betrayal
Real Estate News:Mumbai's real estate sector has witnessed another shocking case of fraud, with a CEO being booked for allegedly duping his business partner of ₹13.65 crore. Pratik Vira, the CEO of Sunshine Housing Pvt Ltd, has been accused of forging documents and deceiving his partner, Khaysap Mehta, under the pretext of providing 71 flats in Bhandup.

Khaysap Mehta, a 52-year-old resident of Worli, had entered into a partnership with Atual Bharani in 2002 to start Sunshine Group. The group took over a project in Bhandup in 2006, aiming to develop 3.75 acres of land under the flagship of Sunshine Housing Pvt Ltd. After obtaining all necessary permissions, the firm constructed 235 flats, which were handed over to home buyers in 2014-15.

However, in 2016, Mehta had a dispute with his business partner and Vira, which led to the matter being taken to the National Company Law Appellate Tribunal and the Supreme Court. In 2018, a mediator was appointed to resolve the issue. Vira allegedly drafted terms and conditions, which Mehta signed, promising him 51% of the company's shareholding. But, as it turns out, these documents were fake, and Vira had allegedly destroyed the original documents.

According to the FIR, Vira produced fake documents before the tribunal and high court to acquire 71 flats. This shocking case of deception and betrayal has left Mehta with a loss of ₹13.65 crore. The Azad Maidan police have booked Vira for his alleged role in the fraud.

The case highlights the need for stricter regulations in the real estate sector and the importance of thorough background checks on business partners. It also serves as a reminder for investors to be cautious and verify documents before making any investments.

Frequently Asked Questions

What is the name of the real estate company involved in the fraud case?

Sunshine Housing Pvt Ltd

Who is the CEO of Sunshine Housing Pvt Ltd accused of fraud?

Pratik Vira

How much money was allegedly duped from the business partner?

₹13.65 crore

What was the pretext under which the CEO allegedly duped his business partner?

Providing 71 flats in Bhandup

Which police station has booked the CEO for his alleged role in the fraud?

Azad Maidan police

Related News Articles

Pune Porsche Crash: Government Forms Panel to Investigate Blood Sample Tampering
Real Estate Pune

Pune Porsche Crash: Government Forms Panel to Investigate Blood Sample Tampering

A three-member panel has been formed to investigate the tampering of blood samples of the prime accused in a Porsche crash in Pune that killed two software engineers.

May 28, 2024
Read Article
Indian Housing Market to Witness 2% Drop in Sales in Top 9 Cities
Real Estate Pune

Indian Housing Market to Witness 2% Drop in Sales in Top 9 Cities

The Indian real estate sector is expected to experience a decline in housing sales in the top 9 cities, amidst ongoing market challenges and uncertainties.

June 25, 2024
Read Article
Hyderabad Real Estate Sector Faces Multiple Challenges
real estate news

Hyderabad Real Estate Sector Faces Multiple Challenges

The real estate sector in Hyderabad is grappling with a series of challenges, including the need for uniform regulations and potential revisions to market values. Industry bodies suggest a standardized approach to tackle these issues, while the government

October 11, 2024
Read Article
Rajarhat and Joka: The Top Real Estate Hubs in Kolkata for 2025
real estate news

Rajarhat and Joka: The Top Real Estate Hubs in Kolkata for 2025

Kolkata is set to see a continued surge in the residential market, with real estate experts predicting that Rajarhat and Joka will lead the investment race in 2025.

January 1, 2025
Read Article
Virar-Alibaug Multimodal Corridor: Transforming Travel and Real Estate in Mumbai
Real Estate Maharashtra

Virar-Alibaug Multimodal Corridor: Transforming Travel and Real Estate in Mumbai

The construction of the 126 km long Virar-Alibaug Multimodal Corridor is set to revolutionize travel and real estate in the Mumbai Metropolitan Region (MMR). With an estimated cost of ₹55,000 crore, this ambitious project will significantly reduce travel

January 3, 2025
Read Article
Real Estate Developers Acquire 2335 Acres for ₹40,000 Crore in 2024: Surprising Hotspots Emerge
Real Estate

Real Estate Developers Acquire 2335 Acres for ₹40,000 Crore in 2024: Surprising Hotspots Emerge

Real estate developers have made significant land acquisitions in 2024, securing 2335 acres for a staggering ₹40,000 crore. Cities like Nagpur, Varanasi, Indore, Vrindavan, and Ludhiana are emerging as unexpected hotspots in this real estate boom.

March 15, 2025
Read Article