A 75-year-old doctor in Mumbai has lodged a police complaint alleging a fraud and forgery of Rs 6.7 crore in a real estate partnership. The Economic Offences Wing (EOW) has registered a case against two developers for cheating and forgery, and the Malabar Hill police have taken over the investigation.
Details of the Complaint
The complainant, Dr. Tushar Motiwala, has accused his business partners Hiten Sheth and Milan Sheth of financial irregularities, including withholding records and making unequal capital disclosures. According to the complaint, Motiwala invested in multiple real estate ventures with the accused.
Background of the Partnership
In 2010, the partners established Liberty Realty and Developers to undertake construction projects in Uttan and Mira-Bhayandar. The partnership operated smoothly until 2017, when discrepancies in financial records emerged during a forensic review.
Settlement Agreement and Alleged Non-Payment
The complaint states that a settlement agreement was executed on June 6, 2022, to resolve disputes arising from the investments. The accused allegedly promised to pay Rs 6.7 crore within 30 months, but no payment was made. Motiwala has sought legal action against the developers for breach of trust and forgery.
The EOW has taken over the probe and is investigating the matter further. The accused developers have not yet commented on the allegations.
