Mumbai: A father–son real estate duo and their construction company have been booked by the Andheri Police for allegedly cheating nearly 18 investors of ₹31.26 crore by promising 18% annual returns on investments in a redevelopment project.
Investors Lured With Assured 18% Returns
A case has been registered against M/s Ranbir Real Estate & Developers and its directors, Jaykumar Gupta and Suyash Gupta. The complainant, Mahesh Doshi, a pharmacy businessman from Vapi, Gujarat, had been searching for lucrative investment opportunities. In March 2021, through a mediator, he was introduced to the company, which claimed to be executing a redevelopment project in Jogeshwari East.
Initial Payments Made, Then Interest Suddenly Stopped
On March 19, 2021, Doshi and his family met Jaykumar and Suyash Gupta at their Andheri East office. The directors presented project details and documents, claiming the project required urgent funding and assuring a fixed return of 18% interest per annum.
Convinced, Doshi and his relatives transferred ₹8.26 crore to the firm’s account via RTGS in April 2021. The company paid interest—after deducting TDS—from 2021 until September 2024, after which the Guptas abruptly stopped payments and allegedly began avoiding repayment of the principal amount as well.
More Investors Come Forward
According to the FIR, Doshi later discovered that the Guptas had similarly taken large sums from 17 other investors, including one Kirit Desai and his family, and had allegedly cheated them as well. In total, the duo is believed to have defrauded 18 investors of ₹31.26 crore.
Case Registered; EOW Begins Probe
Following the complaint, the Andheri Police registered a case against M/s Ranbir Real Estate & Developers, Jaykumar Gupta and Suyash Gupta under IPC Sections 406 (criminal breach of trust), 420 (cheating) and 34 (common intention). The Economic Offences Wing (EOW) has begun further investigation.
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