Mumbai: A case of alleged financial fraud amounting to Rs51 crore has surfaced against the owner of M/s Anchor Leasing Pvt Ltd, Jadavji Lalji Shah, 85, along with other beneficiaries of the firm.
The complainant –Ashwin Natwarlal Sheth, 63, the owner of Sheth Developers Pvt Ltd – has alleged that Shah and his associates conspired to secure the funds for a land development project but diverted the amount to their personal accounts for financial gain.
The Kurar police registered an FIR against Shah and others, following which the Economic Offences Wing (EOW) conducted preliminary enquiry and found it to be cognisable offence.
An EOW officer said that Shah took Rs51 crore in 2008 but failed to return the amount. As per the complaint, Sheth invested Rs51 crore in a major development project in Ambivali, Andheri, in 2008, and deposited the funds into one Shah Construction Company. In exchange, the representatives of the firm promised Sheth 18% annual returns.
However, even after 16 years of discussions and promises of agreements, no concrete action was taken to advance the project. As per Sheth’s allegations, Shah and his family used the funds for their own commercial interests. Sheth repeatedly demanded a refund, but his requests were delayed on various pretexts, and no agreement or repayment was made.
Sheth has claimed that his funds were transferred to Anchor Leasing, and he later learnt that Shah and his family were preparing to enter into agreements with other developers for the project.
