MUMBAI: Shiv Sena politician and developer Shankar Kumar Jha is currently on the run following the Thane Sessions Court’s rejection of his anticipatory bail request in a cheating case involving Rs 7.24 crore. Jha, who ran in the January 2026 Mira-Bhayandar civic elections for Ward 12, is accused by his business partners of misappropriating funds from unsuspecting homebuyers.
After his bail request was denied on July 9, the investigation has moved from the Mira Road police to the Economic Offences Wing (EOW). Jha’s current location is unknown.
According to the FIR filed on July 2 by Santosh Samal, the main partner in Aristone Builders, Jha reportedly collected payments directly from flat buyers without notifying his partners and misappropriated most of the funds instead of depositing them into the company’s account. Jha became involved with Aristone Builders in February 2023, holding a 36% stake, while Brijesh Singh had 24% and Samal held 50%.
In 2024, the company launched the Hyde Park residential project at Navghar. Due to Jha gaining the trust of his partners, he was given responsibility for managing bookings. The company used a private bank’s current account for its project transactions.
The alleged fraud was discovered after Samal identified inconsistencies in the company’s finances. Many buyers reported that they had paid amounts far exceeding those recorded in the firm’s records.
The complaint states that Jha collected approximately Rs 7.24 crore in cash and cheques from 37 flat buyers but only deposited a small fraction into the company’s account. He is accused of misrepresenting that the project was being developed by his own company, Jha Realities, and distributed brochures featuring the RERA registration number assigned to Aristone Builders. Furthermore, he allegedly accepted payments without providing receipts or acknowledgments.
After the FIR was lodged, Jha requested anticipatory bail from the Thane Sessions Court, but Additional Sessions Judge D.B. Mane denied the application on July 9. Senior Police Inspector Meghana Burande from the Mira Road police station confirmed that the investigation has now shifted to the EOW.
The court’s ruling noted that Jha has faced similar accusations in the past, including a 2022 cheating case at Kharghar police station, where he was accused of defrauding the wife of a retired Indian Navy captain during a property transaction. The FIR states that Jha brokered the sale of four shops in Kharghar, registered two of them in his name, and allegedly threatened the owner when she sought possession of the properties.
Since the filing of the FIR, Jha has been unreachable. His Facebook and Instagram accounts have not displayed any activity since July 2. Multiple attempts to contact him through WhatsApp, SMS, and email have gone unanswered.
