Mumbai, Dec 30: A major financial fraud case involving nearly ₹360 crore has surfaced, in which Mumbai-based Sujay Resort and Township Project Pvt Ltd has accused Shore Dwelling Pvt Ltd and its directors of cheating and criminal breach of trust.
The Economic Offences Wing (EOW), Mumbai, has initiated an investigation based on a complaint filed by Sujay Resort’s director, Arvind Narendra More. An FIR has been registered at the BKC Police Station.
Loan Allegedly Taken As 15-Day ICD
According to the complaint, on August 11, 2023, Shore Dwelling Pvt Ltd, allegedly linked to the Mantri Group, borrowed ₹360 crore from Sujay Resort and Township Project Pvt Ltd as an inter-corporate deposit (ICD) for a period of 15 days at an annual interest rate of 8 per cent. A formal ICD agreement was executed between the two companies for general corporate purposes.
Alleged Failure To Repay Loan And Transfer Shares
As per the agreement, Shore Dwelling Pvt Ltd was required to repay the loan amount with interest within the stipulated period and also transfer 67 per cent shareholding of its associate company, Agara Techzone Pvt Ltd, to Sujay Resort. However, it is alleged that neither the loan amount was repaid nor were the shares transferred, despite repeated follow-ups and legal notices.
Funds Arranged Through Indiabulls Loan
Sujay Resort has stated that the ₹360 crore was arranged through a loan obtained from Indiabulls Housing Finance Ltd and transferred via RTGS to Shore Dwelling Pvt Ltd’s Punjab National Bank account. After receiving no response from the accused company, Sujay Resort also approached the National Company Law Tribunal (NCLT) in Bengaluru by filing a claim.
Earlier Criminal Case Adds Complexity
The matter is further complicated by an earlier criminal case registered on March 27, 2025, at HSR Layout Police Station, Bengaluru, based on a complaint by Agara Techzone Pvt Ltd against Sujay Resort and Indiabulls Housing Finance Ltd.
The complaint alleged that Indiabulls had mortgaged around 63 acres and 37.5 guntas of land situated at Agara and Jakkasandra villages in Bengaluru without the consent of Agara Techzone.
Mortgage Registration Later Cancelled
However, it has been claimed that the mortgage registration of the said land on the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) has since been cancelled.
Subsequently, on May 27, 2025, Sujay Resort and Indiabulls Housing Finance Ltd filed petitions before the Karnataka High Court, Bengaluru Bench, seeking quashing of the FIR. Despite this, a chargesheet was filed in the case on July 31, 2025.
Fresh FIR Registered By Mumbai Police
Meanwhile, based on Sujay Resort’s complaint, a separate FIR has been registered at BKC Police Station, Mumbai, under Sections 3(5) and 318(3) of the Bharatiya Nyaya Sanhita (BNS) against Shore Dwelling Pvt Ltd and its directors, Mohankumar Singappa Jayanna and Methuku Srinivas, alleging cheating, criminal breach of trust and financial fraud.
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EOW Examining Transaction Trail
The Economic Offences Wing is currently examining the transaction trail, loan agreements and related documents to ascertain the role of the accused parties in the alleged ₹360 crore fraud.
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