The complainant –Ashwin Natwarlal Sheth, 63, the owner of Sheth Developers Pvt Ltd – has alleged that Shah and his associates conspired to secure the funds for a land development project but diverted the amount to their personal accounts for financial gain.
Mumbai: A case of alleged financial fraud amounting to Rs51 crore has surfaced against the owner of M/s Anchor Leasing Pvt Ltd, Jadavji Lalji Shah, 85, along with other beneficiaries of the firm.
The complainant –Ashwin Natwarlal Sheth, 63, the owner of Sheth Developers Pvt Ltd – has alleged that Shah and his associates conspired to secure the funds for a land development project but diverted the amount to their personal accounts for financial gain.
The Kurar police registered an FIR against Shah and others, following which the Economic Offences Wing (EOW) conducted preliminary enquiry and found it to be cognisable offence.
An EOW officer said that Shah took Rs51 crore in 2018 but failed to return the amount. As per the complaint, Sheth invested Rs51 crore in a major development project in Ambivali, Andheri, in 2008, and deposited the funds into one Shah Construction Company. In exchange, the representatives of the firm promised Sheth 18% annual returns.
Source: https://www.freepressjournal.in/mumbai/eow-probes-51-crore-fraud-case-against-anchor-leasing-owner
