The Economic Offences Wing (EOW) of the Mumbai Police has taken over the investigation into a major redevelopment fraud case, in which a Kandivali-based builder was allegedly cheated of ₹18.09 crore by three developers under the pretext of jointly redeveloping two properties in Malad (West).
Accused Misrepresented Property Ownership
According to the FIR registered at Malad Police Station, the complainant, Rakesh Virendra Singh (51), a businessman residing at Thakur Complex, Kandivali (East), alleged that the accused Apoorva Shah, Sheetal Shah, and Vishesh Shah, all residents of Janasukh Nivas Co-operative Housing Society, Kasturba Road, Kandivali (West) — falsely claimed to be the sole owners of two adjoining properties: Ram Niwas (Survey Nos. 695, 695/1–7) and Kamal Kunj (Survey Nos. 694/1–11), located on Ramchandra Lane, Malad (West).
Legal Disputes Concealed, Documents Fabricated
The trio allegedly concealed the fact that the said properties were not “clear title” and were involved in ongoing legal disputes. Despite this, they entered into a Joint Development Agreement (JDA) with the complainant’s firm and allegedly presented fabricated ownership documents to mislead him.
₹18.09 Crore Diverted Without Progress
The accused purportedly lured Singh with promises of profitable returns from the redevelopment project and induced him to invest ₹18.09 crore for permissions, tenant vacating, excavation, and plinth-level construction. However, after receiving the funds, the accused failed to execute the project or refund the investment, thereby committing fraud.
EOW Takes Charge of the Investigation
Following Singh’s complaint, the Malad Police registered an FIR under relevant sections of the Bharatiya Nyaya Sanhita (BNS) for cheating and criminal breach of trust. The case has now been transferred to the Economic Offences Wing (Unit 12) for detailed investigation.
