Mumbai EOW Probes ₹218 Crore Fraud Over Unimark India Properties

The Mumbai Economic Offences Wing (EOW) has launched an investigation into an alleged ₹218 crore fraud involving the sale and creation of third-party rights over properties mortgaged by Unimark India Ltd.

The complaint was filed by Bridgemohan Pyarelal Rathi, a 61-year-old businessman and director of New Era Advisors Pvt. Ltd. According to the FIR, Rathi's company purchased the outstanding IFCI loan of Unimark India Ltd for ₹9.54 crore in 2009.

The loan was secured against Unimark India Ltd's properties, including approximately 1,52,419 square metres of land at Bhonsari, Kukashet and Shiravane in the Trans-Thane Creek Industrial Area, MIDC, Thane. The properties were mortgaged as security against a loan taken by Unimark India Ltd from the Industrial Finance Corporation of India (IFCI) for setting up a chemical plant and other business activities.

Rathi has alleged that despite the properties being mortgaged and court orders restricting the creation of third-party rights, Unimark India Ltd and its directors/promoters allegedly entered into an Agreement for Assignment with Raheja District 3 Pvt. Ltd. in 2008 for the said property for approximately ₹184.29 crore.

The complainant has alleged that the money was subsequently used by the company's promoters towards their unsecured liabilities and repayment of promoter share capital. Rathi also alleged that when he visited the property in February 2026, he found that the company was no longer operating there and that its plant and machinery were missing.

The complaint names Unimark India Ltd, its directors/promoters G.P. Goenka, Shrivardhan Goenka and Satya Prakash Gupta, Raheja District 3 Pvt. Ltd., Ashish Suresh Raheja and others as accused. The case was initially registered at Oshiwara Police Station and has subsequently been taken up by the Mumbai EOW for further investigation.

Investigators are examining the alleged property transaction, the flow of funds, the role of the directors and promoters, and whether other individuals or entities were involved in creating third-party rights over the mortgaged property.

The Mumbai EOW will investigate the alleged fraud and determine the extent of the involvement of Unimark India Ltd and its directors/promoters. The investigation will also examine the role of Raheja District 3 Pvt. Ltd. and other accused individuals and entities.

The alleged fraud has significant implications for the business community in Mumbai, highlighting the need for greater transparency and accountability in financial transactions. The investigation by the Mumbai EOW is expected to provide more clarity on the matter and bring those responsible to justice.

In conclusion, the Mumbai EOW's investigation into the alleged ₹218 crore fraud involving Unimark India Ltd properties is a significant development in the fight against financial crimes in Mumbai. The investigation will help to uncover the truth behind the alleged fraud and ensure that those responsible are held accountable.