AHMEDABAD: A businessman has lodged a complaint with the Detection of Crime Branch, alleging a fraud of ₹11.3 crores involving a partnership real estate firm. He accuses two partners of misappropriating funds, misusing company documents, and unlawfully selling flats.
The complainant, who manages a game zone and owns a 5% share in the real estate business, claims that the two managing partners exercised financial and administrative control over the firm.
The partnership was formed in 2021 and has engaged in various real estate projects, including a residential initiative in the Sola area.
The complaint emerged after an earlier application was submitted to the crime branch two months prior.
An audit of the firm’s accounts reportedly uncovered that between 2021 and March 31, 2025, one of the managing partners transferred ₹2.25 crores from the company’s bank accounts to his personal account without informing other partners. Additional investigations revealed that ₹5.5 crores were also transferred to associates with no apparent business ties to the firm. These transactions were allegedly recorded as loans and advances in the company’s financial records.
The FIR outlines further irregularities concerning the sale of flats in the residential project. It claims that nine flats valued at ₹3.5 crores were registered under the name of one managing partner and his brother, later sold to third parties without the proceeds being deposited into the firm’s accounts.
Additionally, the accused purportedly exploited company letterheads and documents for personal transactions and solicited payments from potential buyers under the false pretense that certain flats were still available, despite them already being sold.
Overall, the complainant asserts financial misappropriation totaling ₹11.3 crores. Other partners have been mentioned as witnesses in the complaint. The police have registered a cheating case under the Bharatiya Nyaya Sanhita, and the Economic Offence Wing of the crime branch is conducting an investigation.
