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Two directors of Mumbai-based Ajanta Airawat Infrastructure LLP have been arrested by the Economic Offences Wing (EOW) for allegedly defrauding a non-resident Indian (NRI) investor of around INR 10.5 crore. The case relates to investments made over several years in a real estate project in Bhandup, Mumbai, where the complainant had initially invested INR 1.5 crore and later extended a loan of INR 6 crore. A subsequent settlement agreement promising repayment with interest or allocation of flats was not honoured. The accused have been remanded to judicial custody. The case highlights recurring risks in informal real estate financing arrangements and disputes linked to project-level obligations and investor protection.
The Economic Offences Wing (EOW) of Mumbai Police has arrested two directors of Ajanta Airawat Infrastructure LLP for allegedly cheating a non-resident Indian (NRI) investor of approximately INR 10.5 crore in connection with a real estate transaction linked to a project in Bhandup, Mumbai, with the accused now remanded to judicial custody following court proceedings. Advertisement
The complaint was filed by an NRI investor, Rahul Gupta, who stated that he had initially invested around INR 1.5 crore in the firm in 2012 through his company. At the time, the developer had acquired land in Bhandup for a similar value, forming the basis of the investment. The arrangement subsequently evolved, with the investor exiting the partnership in early 2016 but continuing financial exposure by extending an additional loan of INR 6 crore to the firm.
According to the complaint, the loan remained unpaid, prompting a settlement agreement between the parties in 2018. Under this agreement, the developer had committed to repay INR 10.5 crore within a five-month period at an interest rate of 30%. In the event of non-payment, the firm had agreed to allocate 16 residential units in the project to the investor.
The complainant informed investigators that neither the repayment was made nor were the flats transferred or registered in his name, despite the lapse of the agreed timeline. He further alleged that the developer had mortgaged the project, thereby complicating recovery prospects and raising concerns over the status of underlying assets.
Following the complaint, the EOW initiated an investigation into the transaction, examining financial records, contractual agreements, and the sequence of payments made by the investor. Based on preliminary findings, the agency proceeded with the arrest of the two directors, identified as Vishal Shah and Sukhpreet Kalsi, citing allegations of cheating and breach of trust in relation to the investment and subsequent settlement obligations.
The case reflects recurring disputes in the real estate sector involving informal funding structures, where investors provide capital through partnership arrangements or unsecured loans tied to project delivery. Such arrangements often rely on future asset allocation or repayment commitments, which, when unmet, lead to legal proceedings and criminal complaints.
Authorities have indicated that further investigation is underway to determine the utilisation of funds, the status of the underlying development, and whether additional parties or financial irregularities are involved. The outcome of the probe is expected to clarify the extent of liability and the potential for asset recovery in the case.
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