In a shocking case of real estate fraud, Mumbai Police registered an FIR on 3 December 2025 at Andheri Police Station against M/s Ranbir Real Estate & Developers LLP, along with two individuals — Jaykumar Gayata and Sayesh Jaykumar Gayata — accusing them of orchestrating a massive cheating scheme worth over ₹31.26 crore. The complainant, 71-year-old pharmacist Mahesh Bhimchand Doshi, alleges that he was tricked into investing large sums with false promises of guaranteed returns and possession.
📄 Complaint Details: What the FIR Alleges
- Investment and Promises: Between March 2021 and May 2023, the accused allegedly attracted Mr. Doshi by offering him investment in a redevelopment project in Jogeshwari. He was promised 18% assured monthly interest and that the land and building rights were valid under legal norms.
- Money Paid: Doshi — along with relatives and family business accounts — transferred a total of ₹8.26 crore via multiple RTGS transactions to the firm’s account. Initial small interest payments and TDS certificates were given to build trust.
- Large-Scale Fraud: Allegedly, about 95% of two buildings in the project were already sold or allotted to other buyers. Yet the accused continued to collect funds under pretense of project financing, applying the same inducement to at least 17–18 other investors.
- Total Loss: The FIR claims that altogether investors were cheated of approximately ₹31.26 crore, including principal amounts and promised interest — making it a major financial scam.
🚨 Sections Invoked: What the Law Says
Police registered the FIR under:
- Indian Penal Code (IPC), Sections 34 (common intention), 406 (criminal breach of trust), 420 (cheating) — reflecting serious criminal allegations of trust violation and fraud.
Investigation has been assigned to Inspector Santosh Pandurang Bade of the Andheri Police Station.
👴 Victim’s Account: Mental & Financial Trauma
According to the FIR lodged by Mr. Doshi, now 71 and retired:
- He believed the project was legitimate and was drawn by the promise of high returns.
- After paying crores, he received nothing but partial interest and TDS certificates; when he asked for refund or clarity, accused allegedly avoided him.
- Social and financial security of the elderly investor — along with his family — has now been shattered.
⚠️ Implications: A Systemic Warning for Homebuyers
This case underscores a dangerous trend in Mumbai and its suburbs:
- Real-estate investment scams disguised as redevelopment projects.
- Vulnerable investors — often seniors trusting brokers — getting trapped.
- Developers and firms using interest promises and partial payments to lure more funding, even when projects are sold out or non-existent.
Experts warn such schemes thrive on lax verification, eagerness for high returns, and lack of regulatory oversight.
📝 What’s Next: Police Investigation & Caution for Buyers
- Police will trace bank transactions, interview the accused and investors, and verify project status and allotments.
- Possible charges under fraud, cheating, and criminal breach of trust could be filed — implications may include imprisonment and full recovery of cheated amounts.
- Buyers are advised to verify title deeds, check project allotment status, and avoid deals promising unrealistic returns.
For a city that already grapples with housing and redevelopment woes, this FIR sends a warning: always verify before you invest — and trust but double-check.
Also Read: Exclusive: Wadhawan Family’s 429-Acre Dahisar Land Parcel Set for E-Auction at ₹1,234.62 Crore
