Mumbai: Real Estate Contractor Arrested in Multi-Crore Fraud Case
In an ironic twist, a real estate contractor in Mumbai, who initially filed a fraud complaint against his partner, has been arrested for allegedly cheating 35 people with fake documents.
Real EstateFraudMumbaiSyed Abi AhmedKhar PoliceReal Estate NewsOct 11, 2025
The sessions court recently refused to grant Ahmed bail, stating that his release would significantly hamper the prosecution's case. Ahmed was initially arrested on the direction of the Bombay High Court. According to the prosecution, Ahmed had filed a complaint against his partners, Peer Mohammad Shaikh alias Babu and Babu’s sister Karima Mujid Shaikh alias Lady Don, alleging fraud.
In 2014, Ahmed claimed to have bought a property spanning 2,860 square feet in Santacruz from one Vijay Dhule by a notarized sale agreement. However, he did not develop the property into a residential complex due to financial issues. In April 2024, Babu approached Ahmed to develop the plot. By June, Babu wanted to break the partnership, claiming losses. Ahmed alleged that he returned Babu’s share of Rs1.60 crore collected from 35 individuals who had booked houses. Babu then signed a document giving up his rights to the flats, with his role limited to constructing the building and handing it over to Ahmed.
However, in August 2024, Ahmed claimed that Babu demanded more money, leading to a dispute and a physical altercation that left Ahmed hospitalized for four months. During this time, Babu allegedly sold flats on the first floor. The Khar police began investigating and discovered that the sale agreement for the plot was forged. The notary whose name appeared on the document had passed away, and his signature was forged. The investigation also revealed that Ahmed had entered into agreements with 35 people, with the MoUs allegedly attested by an advocate named Mustari, who denied signing the documents.
Advocate Tariq Khan, representing Babu, highlighted these findings during a bail hearing on August 18. The court subsequently ordered Ahmed to be implicated in the case, leading to his arrest. Ahmed sought bail, claiming that the documents were genuine and raising medical grounds for his release. However, the court refused, noting that there was a prima facie case against him.
This case highlights the complexities and risks involved in real estate transactions, especially when dealing with unverified documents and unscrupulous individuals. It serves as a stark reminder for buyers and investors to conduct thorough due diligence and seek legal advice before entering into any agreements.
Frequently Asked Questions
Who is Syed Abi Ahmed?
Syed Abi Ahmed is a 53-year-old real estate contractor who was arrested in Mumbai for allegedly cheating 35 people with fake documents.
What was the initial complaint filed by Ahmed?
Ahmed initially filed a complaint against his partners, Peer Mohammad Shaikh alias Babu and Babu’s sister Karima Mujid Shaikh alias Lady Don, alleging fraud.
What did the investigation reveal about the sale agreement?
The investigation revealed that the sale agreement for the property was forged, with the notary's signature being fake and the notary having passed away.
Why was Ahmed refused bail?
Ahmed was refused bail because the court found a prima facie case against him and believed his release would significantly hamper the prosecution's case.
What is the takeaway from this case for real estate buyers and investors?
This case highlights the importance of thorough due diligence and seeking legal advice before entering into any real estate agreements to avoid falling victim to fraud.
Related News Articles
Mahindra Lifespaces Unveils Phase 4 of Pune's Premium Residential Project
Mahindra Lifespaces launches the final phase of its residential project Mahindra Happinest Tathawade in Pune
Tier 2 Cities: The Emerging Hotspots for Real Estate Investment in India
Discover why Tier 2 cities are becoming the next big investment hubs for real estate in India, driven by rapid urbanization, growing disposable incomes, and infrastructure development.
K-RERA Mandates BDA to Pay Rs 12.5 Lakhs for Construction Delay
In a significant ruling, the Karnataka Real Estate Regulatory Authority (K-RERA) has ordered the Bangalore Development Authority (BDA) to pay Rs 12.5 lakhs to a homebuyer for the delay in the project site development.
Omaxe's Share Price Plummets: A 52-Week Low Amid Rising Losses
Omaxe's stock hit a new 52-week low on Friday, opening at Rs 74.75 per share and dipping further during the trading session. This decline comes amid increasing financial losses for the real estate firm.
Tragic Electrocution Occurs While Setting Up Traps in Mulugu
A man was tragically electrocuted while setting up traps to hunt wildlife in the Mulugu district of Telangana. The incident highlights the dangers of tampering with electrical systems and the need for safety measures.
Navigating the Job Market: Challenges and Strategies Amid Economic Uncertainty
The current economic climate has left many industries grappling with job uncertainty and falling incomes. From ancillary services to real estate and consumer goods, the impact is widespread. This article explores the challenges and potential strategies to navigate these tough times.