A case has been registered at Andheri Police Station against a construction and transport business owner, his son, and their company for allegedly cheating around 18 investors of ₹31.26 crore by promising an annual return of 18 per cent on investments made in their real estate projects.
The accused have been identified as M/s Ranbir Real Estate and Developers, along with its directors Jaikumar Gupta and Suyash Gupta. The complaint was filed by Mahesh Doshi, a pharmacy businessman from Vapi, Gujarat.
According to the FIR, Doshi was looking for a reliable company to invest in when, in March 2021, a middleman recommended M/s Ranbir Real Estate and Developers, claiming the firm was executing a rehabilitation project in Jogeshwari East. On 19 March 2021, the middleman, Chirag Shah, arranged a meeting between Doshi’s family and the company directors at their office in Andheri East.
The directors reportedly told Doshi that they needed funds for an ongoing redevelopment project in Mazaswadi and even showed him documents related to the project. After verifying the project details, Doshi agreed to invest. The Guptas assured him that the investment would fetch an annual interest of 18 per cent.
In April 2021, Doshi and his relatives transferred ₹8.26 crore via RTGS to the company’s account. From 2021 to September 2024, the Guptas allegedly paid interest regularly after deducting TDS. However, the FIR states that the payments stopped thereafter, and the accused began delaying repayment of the principal amount as well.
Doshi further stated in his complaint that the Guptas had similarly taken large sums from 17 other investors, including Kirit Desai and his family, and had cheated them too. In total, the father-son duo is accused of defrauding 18 investors of about ₹31.26 crore.
Based on the complaint, Andheri Police have registered an offence under Sections 406 (criminal breach of trust), 420 (cheating) and 34 (common intention) of the Indian Penal Code against the company and both directors. Further investigation is underway.