Mumbai Real Estate Scandal: Businessman Alleges ₹12-Crore Fraud in Shikhar Project

The Economic Offences Wing (EOW) has registered an FIR after a Mumbai-based real estate businessman alleged he was cheated of nearly ₹12 crore in a redevelopment project investment. The complaint, filed by Vimal Mohanlal Jain (52), has set off a detailed investigation into the alleged fraud.

Vimal Mohanlal Jain, a real estate businessman residing at Love Lane, Mazgaon, has accused Girish Sakaria, a pharmaceutical trader and financial investor, and his family members of cheating him out of a significant sum. Sakaria, along with his brothers Sanjay Sakaria and Pinesh Sakaria, are partners in Naman Globe Impex LLP.

In 2020, Girish Sakaria approached Jain, informing him that Rajen Dhruv, a partner of Orbit Ventures Developers, had borrowed ₹50 crore from him for business purposes but was unable to repay the amount due to financial difficulties. Sakaria proposed that if Jain could assist in completing one of Dhruv's ongoing construction projects, the stalled funds could be recovered.

One such project was the redevelopment project named ‘Shikhar’ at Oshiwara Layout, which comprised two buildings. While Shikhar Tower-1 had been fully constructed, work on Shikhar Tower-2 had stalled due to financial constraints. Sakaria proposed that if the Shikhar Tower-2 project was taken over and completed through Naman Globe Impex LLP, the venture would yield substantial profits. It was agreed that Jain would handle all construction-related execution for Shikhar Tower-2, while Sakaria and his family members would invest the required funds. The profits from the completed project were to be shared equally in a 50:50 ratio.

Between July 9, 2021, and September 7, 2021, Jain allegedly transferred a total amount of ₹8.78 crore in installments from his bank account to the personal bank accounts of Girish Sakaria, Nirmal Sakaria, Sanjay Sakaria, and Pinesh Sakaria. Several meetings were held during 2020–2021 at Naman Globe’s office at Churchgate, involving Jain, Rajen Dhruv, Girish Sakaria, Sanjay Sakaria, Pinesh Sakaria, Nirmal Sakaria, and Gaurav Arora, to discuss the project.

However, Jain later stated that due to personal reasons, he could not continue pursuing the project. Subsequently, he learned that Girish and Sanjay Sakaria had independently approached Gaurav Arora and taken over the development of the Shikhar Tower-2 project without his involvement. When Jain sought clarification regarding the money he had invested, he allegedly received no response. It also emerged that Gaurav Arora was not paid the agreed amount of ₹3.19 crore as per the development agreement.

Jain claims that this confirmed that he and Gaurav Arora were allegedly cheated by Girish Sakaria, Sanjay Sakaria, and their family members. He has alleged that between 2020 and August 2021, the accused, acting in collusion, induced him with false assurances of making him a 50% partner in the company and promising high returns, and dishonestly obtained ₹8.78 crore from him, which has not been repaid to date. Additionally, Jain alleged that Arora was also cheated of ₹3.19 crore, taking the total alleged fraud amount to ₹11.97 crore.

Based on Jain’s complaint, the EOW has registered an FIR against Girish Sakaria, Sanjay Sakaria, Pinesh Sakaria, and Nirmal Sakaria at Azad Maidan Police Station, and further investigation is underway.