Mumbai Crime: Real Estate Businessman Alleges ₹12-Crore Investment Fraud; EOW Registers FIR

Mumbai, Jan 21: Vimal Mohanlal Jain (52), a real estate businessman residing at Love Lane, Mazgaon, has alleged that he was cheated of nearly Rs 12 crore in a real estate investment fraud. Based on his complaint, the Economic Offences Wing (EOW) has registered an FIR at Azad Maidan Police Station and initiated an investigation.

Business acquaintance and proposal

According to the FIR, complainant Jain runs a real estate business. During the course of his business, he became acquainted with Girish Sakaria, a pharmaceutical trader and financial investor. Sakaria owns Naman Globe Impex LLP, in which his brothers Sanjay Sakaria and Pinesh Sakaria are partners.

In 2020, Girish Sakaria approached Jain and informed him that Rajen Dhruv, a partner of Orbit Ventures Developers, had borrowed Rs 50 crore from him for business purposes but was unable to repay the amount due to financial difficulties.

Sakaria told Jain that Dhruv had ongoing construction projects in Mumbai and that if assistance was provided to complete one such project, the stalled funds could be recovered. Sakaria sought Jain’s help for the same.

Shikhar project details

One of the projects was a redevelopment project named ‘Shikhar’ at Oshiwara Layout, comprising 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 decided that the project would be executed in the name of Naman Globe Impex LLP, with the assistance of Gaurav Arora, CEO of Fundmart India, for settlement of loans on the project.

As per the understanding, Jain was to handle all construction-related execution for Shikhar Tower-2, while Girish Sakaria and his family members were to invest the required funds. The profits from the completed project were to be shared equally in a 50:50 ratio.

Jain stated in the FIR that Sakaria had emailed him a draft agreement to this effect. Jain also filled and submitted a DIR-3 form, as instructed by Sakaria, to obtain a Director Identification Number for joining Naman Globe Impex LLP as a partner.

Funds transferred

Between July 9, 2021, and September 7, 2021, Jain allegedly transferred a total amount of Rs 8.78 crore in instalments 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.

Alleged cheating

However, Jain later stated that due to personal reasons, he could not continue pursuing the project. Subsequently, complainant Jain learnt 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 Rs 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 per cent partner in the company and promising high returns, and dishonestly obtained Rs 8.78 crore from him, which has not been repaid to date. Additionally, Jain alleged that Arora was also cheated of Rs 3.19 crore, taking the total alleged fraud amount to Rs 11.97 crore.

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Investigation underway

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.

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