Ashwin Sheth Group Files FIR Against Anchor Leasing

03 Dec 2024 CW Team

The FIR was filed based on a complaint by Ashwin Sheth of Ashwin Sheth Group, alleging that they were duped of a staggering Rs 51 crore in 2008.

According to the Complaint, in 2008, Rs 51 crore was invested to develop a prime plot of land in Andheri. The funds were provided with the understanding that the Accused Persons would formalize the agreement and initiate the development process but instead the Accused Persons misappropriated the funds unbeknownst to the Complainant.

Statement from the Ashwin Sheth Group A representative of the Ashwin Sheth Group stated: "This case is a testament to the breach of trust and unethical practices adopted by Anchor Leasing Pvt. Ltd. and Shah Construction Company Ltd. The substantial investment of ?51 crore in 2008 was made in good faith with the expectation of a transparent partnership but the same turned out to be nothing but false promises and they have committed a criminal breach of trust by misappropriating funds.”

The group emphasised its commitment to seeking justice and recovering the dues, which now amount to over Rs 7 billion. The EOW’s investigation will delve into the financial trail and the actions of the accused individuals. The FIR underscores allegations of deliberate deceit and criminal conspiracy, Legal experts believe this case could set a precedent in addressing large-scale financial fraud in Mumbai's real estate sector.

This development has sent ripples through Mumbai’s real estate community, highlighting the importance of ethical business practices and transaction transparency. Experts opine that cases like this could push stakeholders to adopt stricter due diligence protocols when entering partnerships.

The Ashwin Sheth Group has urged the authorities to expedite the investigation and ensure justice prevails. Meanwhile, Anchor Leasing is yet to respond to the allegations. The Ashwin Sheth Group remains optimistic about recovering their dues and hopes this case will deter fraudulent activities in the industry.

The Economic Offence Wing (EOW) of Mumbai Police has registered a First Information Report (FIR) under Sections 420 (cheating) and 120B (criminal conspiracy) of the Indian Penal Code against key individuals associated with Anchor Leasing and Shah Construction Company including Jadaviji Shah and the other beneficiaries and shareholders of the companies; the other beneficiaries and shareholders of the companies include Atul Damji Shah, Mehul Jahdavi Shah, Sanjay Damji Shah, Jaywanti Jadhavji Shah, Hemang Jadhavji Shah, Kanan Hemang Shah, Shantaben Damji Shah, Heena Sanjay Shah, and Usha Atul Shah.The FIR was filed based on a complaint by Ashwin Sheth of Ashwin Sheth Group, alleging that they were duped of a staggering Rs 51 crore in 2008.According to the Complaint, in 2008, Rs 51 crore was invested to develop a prime plot of land in Andheri. The funds were provided with the understanding that the Accused Persons would formalize the agreement and initiate the development process but instead the Accused Persons misappropriated the funds unbeknownst to the Complainant.Statement from the Ashwin Sheth Group A representative of the Ashwin Sheth Group stated: This case is a testament to the breach of trust and unethical practices adopted by Anchor Leasing Pvt. Ltd. and Shah Construction Company Ltd. The substantial investment of ?51 crore in 2008 was made in good faith with the expectation of a transparent partnership but the same turned out to be nothing but false promises and they have committed a criminal breach of trust by misappropriating funds.”The group emphasised its commitment to seeking justice and recovering the dues, which now amount to over Rs 7 billion. The EOW’s investigation will delve into the financial trail and the actions of the accused individuals. The FIR underscores allegations of deliberate deceit and criminal conspiracy, Legal experts believe this case could set a precedent in addressing large-scale financial fraud in Mumbai's real estate sector.This development has sent ripples through Mumbai’s real estate community, highlighting the importance of ethical business practices and transaction transparency. Experts opine that cases like this could push stakeholders to adopt stricter due diligence protocols when entering partnerships.The Ashwin Sheth Group has urged the authorities to expedite the investigation and ensure justice prevails. Meanwhile, Anchor Leasing is yet to respond to the allegations. The Ashwin Sheth Group remains optimistic about recovering their dues and hopes this case will deter fraudulent activities in the industry.

Infrastructure Urban

02 Jun 2026

VECV Sales Rise 7.8 Per Cent In May 2026

VE Commercial Vehicles recorded sales of 7,978 units in May 2026, compared to 7,401 units in May 2025, registering growth of 7.8 per cent. This included 7,789 units from the Eicher brand and 189 units from the Volvo brand.Eicher branded trucks and buses reported sales of 7,789 units during the month, up 7.3 per cent from 7,258 units a year earlier. In the domestic commercial vehicle market, Eicher sales rose 9.1 per cent to 7,375 units from 6,758 units in May 2025.Exports declined 17.2 per cent to 414 units from 500 units in the corresponding month last year. Volvo Trucks and Volvo Buses recor..

Infrastructure Urban

02 Jun 2026

Table Space Strengthens DESYN Leadership Team

Table Space has announced strategic leadership appointments within DESYN, its integrated Design and Build business, as it looks to strengthen operations across key enterprise and GCC markets in India. DESYN was launched as a strategic extension of Table Space’s workspace solutions portfolio to meet rising demand for agile, high-quality and rapidly deployable enterprise workspaces.Shruti Ookabhoy has joined DESYN as Executive Director and will lead the Design vertical, focusing on design capability, operational excellence and team development across markets. She brings over 22 years of experi..

Infrastructure Transport

02 Jun 2026

Concord Associate Bags Rs 2.79 Bn Kavach Order

Concord Control Systems said its associate company, Progota India, has received a Rs 2.79 bn domestic order from Indian Railways for the supply, installation, testing and commissioning of on-board Kavach 4.0 loco equipment.The order is scheduled for execution within 12 months and strengthens Concord’s role in India’s railway safety and signalling ecosystem. Kavach is India’s indigenous automatic train protection system, designed to improve operational safety by helping prevent signal passing at danger and reducing collision risks.Gaurav Lath, Joint Managing Director, Concord Control Syst..