Mumbai Scam: Real Estate Developer Cheats 18 Investors of Rs 31 Crore

A 71-year-old Andheri resident and 17 other investors have accused two directors of Ranbir Real Estate & Developers LLP of cheating them of Rs 31.26 crore. The directors, Jaikumar Gupta and his son Suyash, had promised an annual interest of 18%, paid quarterly, on investments in a redevelopment project in Jogeshwari East.

According to the complainant, Mahesh Hakimchand Doshi, who owns a pharmaceutical company in Vapi, Gujarat, he was introduced to Gupta in March 2021. Doshi and his colleagues were exploring long-term investment opportunities when they met Gupta, who was handling a redevelopment project in Sarvodaya Nagar, Meghwadi.

Gupta told Doshi that they had been in the real estate and transport businesses for over two decades and were constructing three buildings, including one with 215 flats and six shops for original landowners at Jogeshwari East. They required funds from investors to complete the project and promised an 18% interest, to be paid every quarter.

Between April 6, 2021, and May 26, 2023, Doshi, along with his son, daughter-in-law, wife, and several friends, transferred a total of Rs 8.26 crore into the firm’s bank account. The total principal amount collected from Doshi and others eventually reached Rs 31.26 crore.

From 2021 to September 30, 2024, the Guptas reportedly paid the quarterly interest as promised. However, after that, the payments abruptly stopped. When questioned, the directors allegedly claimed they were facing financial problems and issued cheques to the complainants, all of which bounced.

Doshi had told the police, “The Guptas assured investors the principal amount would be returned by January 2, 2025. However, despite repeated follow-ups, no money was returned. They kept saying they have strong connections and have been in the real estate business for decades. But they were only evading repayment.”

Doshi alleges that the developers had no intention of refunding the principal or paying interest and systematically avoided communication after September 2024. A police officer stated, “We have registered an FIR against Jaikumar Gupta and his son, Suyash, and their firm for allegedly cheating 18 people.”

Ranbir Real Estate & Developers LLP, a prominent real estate firm in Mumbai, has been involved in several projects over the years. However, this latest scam has raised serious concerns about the integrity and reliability of the company. Investors are now cautious about such high-interest schemes and are urged to conduct thorough due diligence before making any investments.

The Andheri police have launched a thorough investigation into the matter, and legal action is expected to follow. The case serves as a stark reminder of the risks associated with high-yield investment schemes and the importance of verifying the credibility of developers and their projects.