Mumbai Real Estate Firm and Directors Booked for ₹31 Crore Fraud

A case has been registered against a real estate firm and its two directors for allegedly duping 19 individuals out of Rs 31 crore by promising high returns on investment in a redevelopment project. The Economic Offences Wing (EOW) of the Mumbai police is probing the case, officials said on Thursday.

A 71-year-old man from Andheri East recently approached the police, accusing Ranbeer Real Estate Developers LLP and two of its directors of cheating him and 18 others. The complainant told the police that the accused had assured an annual return of 18 per cent on the investment in their redevelopment project and had also promised quarterly payments, an official said.

Between March 2021 and May 2023, the accused allegedly collected Rs 31.26 crore from the 19 investors, but allegedly did not pay anything to them, said the official. The alleged transactions and meetings took place at the office of Aditi Constructions, GB Shiv Chhaya Cooperative Housing Society, Andheri East, he said.

Based on the complaint, a case was registered under sections 406 (criminal breach of trust), 420 (cheating), and 34 (common intention) of the Indian Penal Code. The EOW subsequently took over the investigation and re-registered the case, he said.

Ranbeer Real Estate Developers LLP is a well-known real estate firm in Mumbai, known for its involvement in various redevelopment projects. The company's reputation has now been tarnished by these allegations, which have led to a significant loss of trust among investors and the public. The EOW is conducting a thorough investigation to uncover the extent of the fraud and to ensure that justice is served.