Mumbai: The Economic Offences Wing (EOW) of the Mumbai Police, which had booked five directors of a realty firm and their partners in November 2024 for allegedly cheating a Bandra-based builder of ₹52 crore, faced a setback on Tuesday after an Esplanade Court rejected its custody plea and granted bail to two arrested accused.
Bail Granted After Court Reprimand
Accused Ashutosh Gunvant Abhyankar and Vijay Chintamani Yeolekar were arrested earlier on Tuesday and produced before the Esplanade Court. Their lawyer, Adv. Zishan Quazi, argued that the arrests were carried out without informing their families, terming them “illegal.”
With the public prosecutor absent for unspecified reasons, the investigating officer himself presented the case. The court, however, pulled up the EOW, rejected the remand plea citing “illegal arrest and consequence,” and directed the officer to submit an explanation report by August 25.
The accused were released on bail on conditions that they, report to the EOW office every Monday and Wednesday from 9 am to 11 am until the chargesheet is filed, not leave the court’s jurisdiction without prior permission, and furnish PR bonds.
The EOW claimed that the accused’s families were informed via WhatsApp, but the court was not convinced.
Case Background
The complainant, Mohammed Ali Bharwani (73), whose partnership firm owns a 2,138 sq. metre land in Vile Parle village housing 68 slum dwellers, alleged fraud by developers Vijayraj Realtors and partners—including Abhyankar, Yeolekar, and the now-deceased Rajan Shirodkar.
Under an SRA redevelopment project launched in 2013, Bharwani was promised 23 flats (13,445 sq. ft.). However, the developers allegedly diverted funds, sold flats illegally, defaulted on bank loans, stopped paying rent to slum dwellers, and even failed to repay a personal loan of ₹2.5 crore.
Bharwani claims total losses of ₹52.54 crore. After nearly 20 months of inquiry, the EOW booked the accused under IPC Sections 409 (criminal breach of trust) and 34 (common intention). The case was first registered at Vile Parle police station before being transferred to the EOW.
Probe to Continue
With Tuesday’s order, both Abhyankar and Yeolekar walked free on bail, but the investigation into the multi-crore fraud case continues.
