Mumbai: EOW Probes Alleged ₹14 Crore Fraud In Chembur Redevelopment Project

Mumbai: A major financial irregularity involving an alleged misappropriation of approximately Rs14 crore has come to light in connection with the redevelopment of Shivaji Nagar Co-operative Housing Society in Chembur. The complaint has been filed by 68-year-old real estate developer Surendra Kumar Sampatraj Surana, owner of Surana Construction Pvt Ltd. A case has been registered at Chembur police station and the Economic Offences Wing (EOW) is conducting further investigations.

According to the FIR, Surana’s company began redeveloping Shivaji Nagar Co-operative Housing Society in Chembur (West) on November 25, 2010, but financial constraints forced it to seek loans. The complainant alleged that a February 27, 2024 agreement appointed Mijit Ventures Pvt Ltd, directed by Jit Bharani and Mihir Bharani, to arrange Rs30 crore and complete the project by September. Darshan Ringshia of Trust Capital was also involved in financial arrangements.

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Surana alleged that Trust Capital sanctioned Rs30 crore in February 2024 but disbursed only Rs19.50 crore, charging Rs38 lakh in processing fees. The project already owed Pegasus Asset Reconstruction Pvt Ltd Rs19 crore at 17.50% annual interest. According to the FIR, Ringshia persuaded Surana to sell 22,981 sq ft of commercial space to Vimal Nisar’s Alto Trading LLP below the planned Rs22,500 per sq ft rate. Surana alleged Ringshia received Rs3 crore in cash from Alto Trading LLP for himself instead of ensuring that the commercial premises were sold at the agreed business-plan rate, causing Rs9.20 crore losses.

The complainant has alleged that the accused persons acted in connivance and caused an alleged financial loss of approximately Rs14 crore to his company.

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