MUMBAI: A case has been filed against a real estate company and its two directors for allegedly defrauding 19 individuals of ₹31 crore by promising exorbitant returns on an investment in a redevelopment project, as reported on Thursday by officials.
The Economic Offences Wing (EOW) of the Mumbai police is currently investigating the matter.
A 71-year-old resident of Andheri East recently approached the authorities, accusing M/s Ranbeer Real Estate Developers LLP and its two directors of deceiving him and 18 other investors.
The complainant stated to the police that the accused had guaranteed an annual return of 18% on the investment in their redevelopment project along with quarterly payments, as noted by an official.
From March 2021 to May 2023, the accused purportedly collected ₹31.26 crore from the 19 investors but failed to make any payments, according to the official report.
Meetings regarding the alleged transactions were reportedly held at the office of Aditi Constructions within the GB Shiv Chhaya Cooperative Housing Society in Andheri East.
Following the complaint, a case has been registered under sections 406 (criminal breach of trust), 420 (cheating), and 34 (common intention) of the Indian Penal Code. The EOW has taken over the investigation and re-registered the case.
