Mumbai Police Register ₹218 Crore Fraud Case Against Unimers India

The Economic Offences Wing (EOW) of the Mumbai Police has registered a case involving an alleged ₹218 crore fraud in connection with mortgaged industrial property in Navi Mumbai. The case was initially registered at Oshiwara Police Station and later transferred to the EOW for investigation.

The FIR was registered under Sections 318(4) and 3(5) of the IPC. The complainant, Brijmohan Pyarelal Rathi, a 61-year-old businessman and resident of Andheri West, alleged that the accused conspired to create third-party rights over property that had already been mortgaged to financial institutions against loans taken by Unimers India Ltd.

The accused have been identified as M/s Unimers India Ltd., promoter G.P. Goenka, promoter Shrivardhan Goenka, director Satya Prakash Gupta, M/s Raheja District-3 Pvt. Ltd., director Ashish Suresh Raheja, and others. According to the FIR, Unimers India Ltd. had obtained loans from IFCI and other financial institutions in 1992 and had issued debentures against the borrowings, with ICICI Bank acting as the debenture trustee.

The company had mortgaged its property at Plot No. 2/2, Trans-Thane Creek Industrial Area (TTC), MIDC, for securing the loans. After the company allegedly defaulted on repayment, ICICI Bank filed a suit before the Bombay High Court for recovery of the outstanding amount. The court subsequently passed an injunction restraining the creation of third-party rights over the mortgaged properties.

Despite the court order, the accused allegedly entered into an agreement on May 14, 2008, concerning approximately 1,52,419 sq. metres of land situated at Bhonsari, Kukset and Shiravane in Thane district. The agreement was allegedly executed between Unimers India Ltd. and Raheja District-3 Pvt. Ltd.

The FIR alleges that the total value of the transaction was ₹184.29 crore, out of which ₹29.62 crore was received through the alleged unauthorised transaction. The complainant further alleged that Ashish Raheja, despite being aware of the IFCI-related financial arrangements and restrictions on the property, acquired and claimed rights over the mortgaged assets.

The complainant has alleged that by creating third-party rights over property that was secured against the loans, the accused caused wrongful loss and cheated him and his company, New Era Advisors Pvt. Ltd., to the tune of ₹218 crore. The alleged offence took place between May 14, 2008, and the date of registration of the FIR.

The investigation has been assigned to PI Juberahmed Mujawar of Unit-1 (Housing-1), EOW, Mumbai. The registration of the FIR is a significant development in the case, and the investigation is expected to reveal more details about the alleged fraud.

The case highlights the importance of ensuring that properties mortgaged to financial institutions are not subject to unauthorized transactions. It also underscores the need for vigilance and strict enforcement of laws to prevent such fraudulent activities.

In the context of Mumbai's real estate market, the case is a reminder of the risks involved in property transactions and the need for buyers and sellers to exercise caution. The registration of the FIR is a step towards bringing the accused to justice and preventing similar fraudulent activities in the future.

The significance of the case lies in its potential to expose a large-scale fraud and bring those responsible to justice. It also highlights the importance of regulatory bodies and law enforcement agencies in preventing and investigating such crimes. The outcome of the investigation is expected to have significant implications for the accused and the real estate market in Mumbai.

In conclusion, the registration of the FIR in the ₹218 crore fraud case is a significant development that highlights the importance of ensuring that properties mortgaged to financial institutions are not subject to unauthorized transactions. The investigation is expected to reveal more details about the alleged fraud and bring those responsible to justice.