A businessman has lodged a complaint with the Detection of Crime Branch in Ahmedabad, alleging a fraud of Rs 11.3 crore at a partnership real estate firm. The complaint accuses two managing partners of diverting funds, misusing firm documents, and illegally selling flats.
Details of the Allegations
The complainant, who runs a game zone business and holds a 5% stake in the real estate firm, stated in the First Information Report (FIR) that the two managing partners had financial and administrative control of the entity. The firm was established in 2021 with multiple partners and undertook real estate projects, including a residential scheme in the Sola area.
The complaint mentions that suspicions arose after a separate application was filed before the crime branch two months ago. A review of the firm's accounts allegedly revealed that between 2021 and March 31, 2025, one managing partner transferred Rs 2.25 crore from the firm's bank accounts to his personal account without informing the other partners. Further investigation by the partners found that another Rs 5.5 crore was transferred from the firm's accounts to associates with no direct business links to the firm. The complainant alleged that these transactions were falsely shown as loans and advances in the firm's books.
Irregularities in Flat Sales
The FIR also describes alleged irregularities in the sale of flats in the firm's residential project. Nine flats worth a total of Rs 3.5 crore were allegedly registered in the names of one managing partner and his brother, then sold to third parties. The proceeds from these sales were not deposited in the firm's accounts, the complaint states.
The accused allegedly used the firm's letterheads and documents to carry out personal transactions. They also collected money from prospective buyers by claiming that certain flats were still available, despite already being sold.
Total Financial Misappropriation
In total, the complainant has alleged financial misappropriation amounting to Rs 11.3 crore. Other partners were cited in the complaint as witnesses. Police registered a cheating case under the Bharatiya Nyaya Sanhita, and the Economic Offence Wing of the crime branch has started an investigation.
