Real Estate
Mumbai Real Estate Fraud: ₹11.97 Crore Scam Unveiled in Partnership Deal
2026-01-19 · Geosquare
A significant cheating case involving nearly ₹12 crore has come to light after a real estate businessman lodged a complaint with the police. The complainant, Vimal Mohanlal Jain (52), alleges that four individuals defrauded him under the pretext of making him a 50 per cent partner in their company.
According to the FIR, Vimal Mohanlal Jain, a resident of Mazgaon, is the complainant. The accused persons have been identified as Girish Sakariya, Sanjay Sakariya, Pinesh Sakariya, and Nirmal Sakariya, all residents of Navjeevan Society, D.B. Marg, Mumbai.
The period of the offence is between 2020 and August 2021, and the place of the offence is the office of Naman Globe Company, located near Bombay Hospital, Churchgate. The total amount allegedly cheated is ₹11,97,50,000 (₹11 crore 97 lakh 50 thousand).
The complainant has alleged that between 2020 and 2021, the four accused conspired together and lured him with assurances of making him a 50 per cent partner in their company, promising high returns worth crores of rupees. On this assurance, Jain transferred a total of ₹8,78,50,000 to the accused through various bank transactions. However, the amount was never returned, resulting in substantial financial loss and a breach of trust.
Additionally, the complainant alleged that the accused also exploited his associate, Gaurav Arora, by taking full advantage of the project but failing to pay the contractually agreed amount of ₹3,19,00,000. Together, the alleged financial loss to Jain and Arora amounts to ₹11,97,50,000.
Based on the complaint, the Economic Offences Wing (EOW) police have registered an offence against the accused under Sections 409 (criminal breach of trust) and 120(B) (criminal conspiracy) of the Indian Penal Code.
This case highlights the increasing instances of fraud in the real estate sector, where unsuspecting investors are lured with promises of high returns and partnership deals. It underscores the need for greater vigilance and due diligence in such transactions to prevent financial losses and legal complications.