Mumbai EOW Arrests Construction Firm Directors in Rs 10.5 Crore NRI Fraud Case
The Economic Offences Wing (EOW) of Mumbai has made significant arrests in a high-value financial fraud case. Two directors of a construction firm have been taken into custody for allegedly cheating a Non-Resident Indian (NRI) investor out of a staggering sum of Rs 10.5 crore. The accused, identified as Vishal Shah and Sukhpreet Kalsi, are partners in Ajanta Airawat Infrastructure LLP.
Judicial Custody and Legal Proceedings
A magistrate's court in Mumbai has remanded both Vishal Shah and Sukhpreet Kalsi to judicial custody following their arrest by the EOW. This legal action underscores the seriousness of the allegations and marks a critical step in the ongoing investigation into the financial irregularities.
Details of the Alleged Fraud
The case originated from a complaint filed by Rahul Gupta, an NRI investor. According to Gupta's statement, he initially invested Rs 1.5 crore in 2012 through his company into the accused firm, Ajanta Airawat Infrastructure LLP. At that time, the firm had acquired land in the Bhandup area of Mumbai for approximately Rs 1.5 crore, which formed the basis of the investment.
After retiring from the partnership in February 2016, Gupta extended a substantial loan of Rs 6 crore to the company. This loan, however, remained unpaid, leading to further financial disputes. In 2018, a settlement agreement was executed between the parties to resolve the outstanding dues.
Unfulfilled Settlement Agreement
The 2018 settlement agreement stipulated that Ajanta Airawat Infrastructure LLP would repay a total of Rs 10.5 crore to Rahul Gupta within a five-month period. This amount included the principal and accrued interest at a rate of 30%. As a security measure, the agreement also stated that if the payment was not made as scheduled, the firm would allot 16 flats to Gupta as compensation.
Gupta has alleged that neither the payment of Rs 10.5 crore was made nor were the 16 flats registered in his name as promised. This breach of the settlement agreement forms the core of the fraud allegations against the directors.
Additional Allegations and Investigation
In his complaint, Rahul Gupta further accused the directors of mortgaging the project associated with the land in Bhandup. This action allegedly complicated the recovery process and added to the financial losses suffered by the investor. The EOW is currently investigating these claims to determine the full extent of the alleged misconduct and any potential violations of financial regulations.
The arrest of Vishal Shah and Sukhpreet Kalsi highlights the EOW's commitment to tackling economic crimes and protecting investors, particularly NRIs who may be vulnerable to such schemes. The case serves as a reminder of the importance of due diligence in financial transactions and the legal recourse available to victims of fraud.
