Ashwin Sheth Group Files FIR Against Anchor Leasing
Real Estate

Ashwin Sheth Group Files FIR Against Anchor Leasing

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.

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.

Next Story
Infrastructure Transport

Mumbai-Ahmedabad Bullet Train Set to Launch by 2028

India’s first bullet train is set to revolutionize high-speed travel along the western corridor, with the Mumbai-Ahmedabad high-speed rail project aiming for a 2028 launch. This announcement marks a major milestone in India’s infrastructure goals, as it promises to reduce travel time between the two economic hubs from eight hours to just three.Spanning a planned 508-kilometre stretch, the corridor stands as a flagship example of Indo-Japanese collaboration in technology and engineering. Once operational, the train is expected to transform intercity mobility and place India among the select..

Next Story
Infrastructure Transport

Mumbai-Gandhinagar Train Service Enhances Passenger Capacity

The Mumbai Central–Gandhinagar Capital Vande Bharat Express has increased its passenger capacity by adding four additional AC chair car coaches to meet the growing commuter demand on one of India’s busiest business corridors. This upgrade, effective from 11 May, raised the train’s seating capacity from 1,128 to 1,440 passengers, allowing it to serve 936 more passengers daily in both directions. The increase was described as a practical measure to accommodate the surging demand on the busy Mumbai–Ahmedabad–Gandhinagar route, which regularly operates at over 150 percent seat occupancy...

Next Story
Infrastructure Urban

Delhi Plans 12 Sewage Plants to Clean Najafgarh Drain Efficiently

Delhi’s ambitious plan to improve the water quality of the Yamuna River has gained significant momentum as the Delhi Jal Board (DJB) has begun work on 12 new sewage treatment plants (STPs) aimed at reducing the volume of untreated sewage being discharged from the Najafgarh Drain.This initiative forms part of the ongoing efforts to clean the Yamuna and restore the river’s health, which has long been a critical environmental issue for the national capital. Given the alarming pollution levels in the Yamuna, experts and officials consider this project a vital step toward addressing the persist..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?