Mumbai EOW Probes ₹218 Crore Mortgaged Land Fraud in Thane MIDC
The Mumbai Economic Offences Wing has taken over the investigation into an alleged ₹218 crore property fraud involving 1,52,419 square metres of land in the Trans-Thane Creek Industrial Area at MIDC, Thane. The case involves allegations of illegally creating third-party rights and selling mortgaged land that served as security against an institutional loan.
The FIR was registered following a complaint filed by 61-year-old businessman Bridgemohan Pyarelal Rathi, a director of New Era Advisors Pvt. Ltd. According to the complaint, Rathi's company had purchased the outstanding loan of Unimark India Ltd from the Industrial Finance Corporation of India for ₹9.54 crore through a Deed of Assignment executed in 2009.
Unimark India Ltd, formerly known as Herdillia Unimark Ltd, had originally borrowed funds from the Industrial Finance Corporation of India to establish a chemical plant and conduct other business operations. By July 1, 2008, the company reportedly had a principal outstanding balance of ₹9.69 crore and accumulated interest of ₹76.86 crore, bringing the total debt to approximately ₹86.55 crore.
To secure the loan, the company had mortgaged its movable and immovable assets. These included plant, machinery, buildings, and approximately 1,52,419 square metres of land spread across Bhonsari, Kukashet, and Shiravane in the Trans-Thane Creek Industrial Area, MIDC, Thane.
Despite existing court orders restricting the creation of third-party rights over the mortgaged properties, Unimark India Ltd and its promoters allegedly entered into an Agreement for Assignment in 2008. The agreement was executed with Raheja District 3 Pvt. Ltd., also known as Raheja Infocity Pvt. Ltd., for the property at an estimated value of ₹184.29 crore.
Financial records cited in the FIR show that Unimark received approximately ₹29.62 crore from the transaction. The complainant alleged that the company's promoters subsequently diverted these funds to settle their own unsecured liabilities and repay promoter share capital rather than clearing the mortgaged debt.
The matter came to light further when Rathi visited the Thane MIDC site in February 2026. Upon arrival, he discovered that the company was no longer operating at the location, and its plant and machinery were missing. Security personnel present at the site informed him that they had no information regarding the whereabouts of the equipment.
The FIR names Unimark India Ltd alongside its directors and promoters G.P. Goenka, Shrivardhan Goenka, and Satya Prakash Gupta. It also names Raheja District 3 Pvt. Ltd., Ashish Suresh Raheja, and several others as accused in the alleged financial fraud.
The case was initially registered at the Oshiwara Police Station before being transferred to the Mumbai Economic Offences Wing for further investigation. Investigators are examining property transaction documents, fund flows, and the roles played by the directors and promoters.
