FIR Filed Against Ex-Director for Cheating Developer of Rs 51 Crore | Mumbai News

Mumbai: The city police on Wednesday registered an FIR against Jadhavji Shah (85), ex-director of the Anchor Leasing Pvt Ltd and Shah Construction company Ltd., and others for allegedly cheating a developer of Rs 51 crore. The accused allegedly induced the complainant into investing in their project to develop a land plot in Andheri but they neither made any development agreement nor returned his money. Developer Ashwin Sheth, director of the Sheth Developers Pvt Ltd., lodged an FIR at the Kurar police station. The case was transferred to the Economic Offence Wing (EOW).
The alleged crime took place between Jan 2008 and May 2024. A police source said that Shah construction company has a land plot in Andheri (west). “The accused were looking for a developer to develop this land plot. Through a broker they came in touch with the complainant in 2008. The complainant gave an initial token amount of Rs 51 crore as security deposit to the accused and an MoU was to be decided,” said police. In 2022, the complainant insisted on a development agreement and the accused allegedly delayed it giving different reasons, said police. In May, the accused allegedly denied executing any agreement with the complainant or returning a security deposit with interest. This is when the complainant approached the police.
Jadhavji could not be contacted for his comment.