Mumbai Developer Booked For ₹24.99 Crore Fraud In SRA Projects; Police Probe Financial Irregularities
· Free Press Journal
Mumbai: The Mumbai police have registered a case against Mohammed Masroor Shaikh, a partner of M.M. Developers based in Kurla (West), for allegedly cheating a financier and developer of Rs24.99 crore in connection with multiple Slum Rehabilitation Authority (SRA) projects across the city.
According to the FIR, the complainant, Jaydev Vinodkumar Gupta, 41, a financier and developer residing in Malad (West), has accused Shaikh of luring his family into investing substantial sums in redevelopment projects under the pretext of partnership, assured returns, and timely repayment of loans.
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Gupta’s father, the late Vinodkumar Roshanlal Gupta, had business ties with Anis Siddiqui, another partner in M.M. Developers, since 1980. Based on this longstanding relationship, Vinodkumar began investing in the firm’s SRA projects in 2010 through his company. In 2011, he formally joined M.M. Developers as a partner in multiple projects, including those in Chembur (Shramjivi), Wadala (Shantinagar), and Sion Koliwada (Nisarg).
Police said that over a period spanning more than a decade, from 2010 to 2023, the Gupta family and their associated firms invested and lent a total of Rs53.18 crore to M.M. Developers and Shaikh through a mix of partnership contributions and personal loans. However, of this amount, Rs24.99 crore remains unpaid as principal, along with accrued interest, the complaint alleges.
The FIR further states that after Vinodkumar Gupta’s death in 2018, Shaikh inducted Jaydev Gupta into the business as a partner with a 19.20% stake in the SRA projects. Shaikh allegedly assured him that the investments were secure and that both principal and interest would be repaid in a timely manner.
In May 2019, Gupta claims he was persuaded to exit the Shantinagar project after Shaikh allegedly told him that his continued presence as a partner was creating hurdles in securing bank finance for the project. Trusting these representations, Gupta agreed to step down and signed a deed of retirement. However, he later alleged that Shaikh deliberately violated the agreement and failed to pay him any dues arising from his share in the project.
The complaint also accuses Shaikh of transferring Gupta’s partnership capital and loan liabilities into his own name without proper settlement. Additionally, Gupta alleged that despite paying Rs14.24 crore for the purchase of two shops and two flats in a Chembur-based SRA project, he received repeated demand notices in 2022 seeking an additional Rs8.12 crore towards outstanding dues and interest.
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In February 2023, Gupta came across a media report stating that Sheikh had entered into a Rs275 crore transaction involving the sale of additional Floor Space Index (FSI) in the Shantinagar project to a prominent real estate firm. This raised further suspicion, prompting Gupta to approach the police.
He has also alleged large-scale financial irregularities and possible diversion of funds to projects in Mumbai, Thane, and even overseas locations such as Dubai.
Based on the complaint, the Ghatkopar police have registered a case under Section 316(5) of the Bharatiya Nyaya Sanhita (BNS) Act, and have initiated further investigation into the matter.
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