Mumbai Court Orders EOW To File FIR Against Jogeshwari East Developer In Rs 7.65 Cr Case

A designated Maharashtra Protection of Interest of Depositors (MPID) Act court in Mumbai has directed the Economic Offences Wing (EOW) of the Mumbai police to register a fresh FIR in a Rs 7.65 crore cheating complaint linked to a property redevelopment project in Jogeshwari East. The court's order overrides a previous decision by the police to close the case as a civil dispute.

Judge Vikram Jagdale directed the police to register the fresh FIR against Ranbir Real Estate and Developers LLP and its partners, Jaikumar Gajanand Gupta and Suyash Jaikumar Gupta. The judge held that a prima facie case was made out against the accused under Sections 3 and 4 of the MPID Act, which deal with fraudulent default and the attachment of properties.

The court issued the directive while hearing a miscellaneous application filed by the complainant, businessman Mahesh Doshi, who challenged the police's closure report.

According to the complaint, the accused, operating through Chirag Shah of Aditi Construction, induced Doshi and his family members in March 2021 to invest money for the redevelopment of a property located in Jogeshwari East. The developers promised the family returns of 18 percent per annum, which were to be paid quarterly, alongside the eventual repayment of the principal investment amount.

Relying on these assurances, Doshi and his family invested approximately Rs 7.65 crore into the project.

The court noted that the accused initially adhered to the agreement by paying the quarterly interest until June 30, 2024. However, after that date, the developers defaulted on both the quarterly interest payments and the repayment of the principal amount.

The ruling marks a significant turn in the case, reviving the cheating complaint as a criminal matter under the MPID Act and opening the path for the potential attachment of the accused party's properties.