Mumbai developer arrested for defrauding State Bank of India worth Rs.280 cr

CBI’s EOW Mumbai unit registered the case on the complaint received from the bank's Thane branch against the Directors of RRL Vijay Gupta and Ajay Gupta

PGurus Newsdesk

June 5, 2023

CBI’s EOW Mumbai unit registered the case on the complaint received from the bank's Thane branch against the Directors of RRL Vijay Gupta and Ajay Gupta

South Mumbai builder held in bank fraud case

The Economic Offences Wing (EOW) of the Central Bureau of Investigation (CBI) have arrested a top Mumbai developer in connection with a fraud case where a leading public sector bank was allegedly defrauded of Rs.280 crore. The developer from South Mumbai, identified as Harresh Mehta of Rohan Lifespaces Ltd and is currently in judicial custody.

The CBI’s EOW Mumbai unit registered the case on the complaint received from the bank’s Thane branch against the Directors of RRL Vijay Gupta and Ajay Gupta.

The complaint stated that RRL and its Directors had conspired with their accused, including unknown government servants, and availed of three loans on different occasions from the bank. The accused allegedly used forged fabricated documents and cheated the bank to the tune of Rs.280 crores.

According to the CBI-filed FIR, the probe was initiated in 2016 after receiving a complaint against the directors of a firm named Rajput Retail Ltd (RRL). The complaint stated that the Directors of the firm RRL availed a loan from the SBI (State Bank of India) and cheated the bank to the tune of Rs.280 crore.

In July 2018, the CBI submitted a chargesheet in the case.

Further, the investigation in the case led to the role of Harresh Mehta of Rohan Lifespaces Ltd, and Rohan Constructions Ltd.

Searches were conducted at the offices and residences of Mehta and Ruby Mills Ltd by the probe-agency sleuths.

The probe revealed that loans had been sanctioned for the purchase of premises on three floors of the building, The Ruby, for a total of Rs.149 crore loan and another short-term loan of Rs.16 crore to RRL in November 2011.

The total loan amount of Rs.155 crore was received in the accounts held by Ruby Mills Ltd in February 2012.

[With Inputs from IANS]

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