EOW Registers Rs 218 Crore Fraud Case Over Mortgaged Land in Thane District
The Economic Offences Wing of the Mumbai Police has registered a case involving an alleged Rs 218 crore fraud concerning mortgaged industrial land situated across Bhonsari, Kukset, and Shiravane in Thane district, as well as the Trans-Thane Creek Industrial Area. The case was initially registered at the Oshiwara Police Station before being transferred to the specialized economic wing for detailed investigation.
The FIR names M/s Unimers India Ltd., its promoters G.P. Goenka and Shrivardhan Goenka, director Satya Prakash Gupta, alongside M/s Raheja District-3 Pvt. Ltd. and its director Ashish Suresh Raheja, among others. The complaint was lodged by 61-year-old businessman Brijmohan Pyarelal Rathi, who alleged that the accused conspired to create unauthorized third-party rights over properties already mortgaged to financial institutions.
According to the case records, Unimers India Ltd. had availed loans from IFCI and other financial institutions in 1992, issuing debentures with ICICI Bank serving as the debenture trustee. To secure these borrowings, the company mortgaged its property at Plot No. 2/2 in the Trans-Thane Creek Industrial Area, MIDC.
Following defaults in repayment, ICICI Bank approached the Bombay High Court through a recovery suit. The High Court subsequently issued an injunction restraining the creation of any third-party rights over the mortgaged assets.
Despite the judicial restraint, the accused allegedly executed an agreement on May 14, 2008, involving approximately 1,52,419 square metres of land situated across Bhonsari, Kukset, and Shiravane in Thane district. The transaction took place between Unimers India Ltd. and Raheja District-3 Pvt. Ltd., formerly known as Raheja Infocity Pvt. Ltd.
The FIR states that the overall transaction was valued at Rs 184.29 crore, with Rs 29.62 crore received through the unauthorized deal. The complainant stated that Ashish Raheja acquired and claimed rights over the secured assets despite having knowledge of the IFCI-related encumbrances and legal restrictions.
Rathi alleged that the creation of these third-party rights caused wrongful loss and cheated him and his firm, New Era Advisors Pvt. Ltd., to the tune of Rs 218 crore. The investigation into the transactions spanning from May 2008 onward is being handled by Unit-1 (Housing-1) of the EOW.
