Advertisement
Mumbai-based Ranbir Real Estate Developers LLP and its directors Jaykumar Gupta and Suyash Gupta are under investigation for allegedly cheating 19 investors of around INR 31?crore. Investors, including family members of a 71-year-old complainant, were promised 18?per cent annual returns on a Jogeshwari East redevelopment project between 2021 and 2023. While initial interest payments were made, the firm stopped payouts after September 2024, and the principal was not returned. The case is now with the Economic Offences Wing of Mumbai Police under criminal sections including cheating and breach of trust.
A Mumbai-based real estate company, Ranbir Real Estate Developers LLP, along with its directors Jaykumar Gupta and Suyash Gupta, have been booked for allegedly cheating 19 investors of approximately INR 31 crore. The firm had raised funds between March 2021 and May 2023 for a redevelopment project in Jogeshwari East, promising investors an annual return of 18 per cent, paid quarterly. Initial interest payments were made on time, but the payouts reportedly stopped after September 2024, and the principal amount was never returned. Advertisement
The lead complainant, a 71 year-old resident of Andheri, said he, his family members, and close acquaintances invested after being assured of the project's progress and the safety of their funds. According to sources, construction of two buildings under the redevelopment project is about 90-95 per cent complete. Despite the near completion of the project, the firm failed to continue payments, prompting the investors to approach authorities.
Following the complaint, the case was registered under relevant sections of the Indian Penal Code, including those covering cheating, criminal breach of trust, and acting with common intention. The investigation is now being handled by the Economic Offences Wing (EOW) of the Mumbai Police. Authorities are examining documents and financial records to ascertain the scale and method of the alleged fraud. This is part of a broader pattern where investors are increasingly turning to legal authorities when high-return promises are not met.
Experts note that even in ongoing redevelopment projects, investors need to maintain caution and verify the legitimacy of promised returns. The involvement of EOW underscores the seriousness of such cases and highlights the need for transparency in real estate investment schemes.
Source PTI
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
