Ekta World accuses Pashmina Realty of Rs 1,000 crore fraud

21 Oct 2021 CW Team

Realty company Ekta World has accused Pashmina Realty of cheating, fraud and siphoning off money in a redevelopment project, Lake Riviera, Mumbai, of Rs 1,000 crore.

Ekta approached the Metropolitan Magistrate Court with its complaint regarding the project across 3.5 acres. The police registered the First Information Report (FIR) of this project. Pashmina Realty has declined the allegations and said that the company would seek legal recourse.

Ekta World approached the promoter and directors of Pashmina Realty in 2016 to form a joint alliance for the development of the plot.

According to Ekta World, Pashmina initiated the project as Pashmina Lotus, but the company was unable to complete the project and so was looking for another developer who could manage the project and undertake sales through their expertise.

According to the joint alliance, Pashmina assured the company to pay 7.25% of revenue to Ekta World from the already sold area and 15% revenue from the remaining sale area towards the Development Management fees. As per the FIR, Pashmina mentioned that the company intends to acquire three lands of one acre each.

Ekta promoters entered into a Development Management Agreement (DMA) with Pashmina by paying Rs 30 crore in July 2016. The money was to be used by Pashmina to buy more land parcels.

Ekta also helped Pashmina to acquire third party finance of Rs 200 crore with the promoter's guarantee to the extent of fees.

According to the terms of the alliance, Ekta and Pashmina were to operate a Master Escrow Account, while other accounts were operated jointly or only by Ekta World. However, it accused Pashmina of opening several accounts without the knowledge of Ekta and siphoning off the money and receivables of the Master Escrow Account.

Pashmina said that Ekta failed the duties of a development manager. As per the alliance terms, Ekta had to sell Rs 50 crore in six months but could only achieve Rs 20 crore in two years.

According to Pashmina, Ekta is putting false accusations on Pashmina and their directors, and representatives never wanted to develop land with Ekta, and their main intention was to defraud and cheat them by obtaining a huge amount and using their expertise to their wrongful gains.

Image Source

Realty company Ekta World has accused Pashmina Realty of cheating, fraud and siphoning off money in a redevelopment project, Lake Riviera, Mumbai, of Rs 1,000 crore. Ekta approached the Metropolitan Magistrate Court with its complaint regarding the project across 3.5 acres. The police registered the First Information Report (FIR) of this project. Pashmina Realty has declined the allegations and said that the company would seek legal recourse. Ekta World approached the promoter and directors of Pashmina Realty in 2016 to form a joint alliance for the development of the plot. According to Ekta World, Pashmina initiated the project as Pashmina Lotus, but the company was unable to complete the project and so was looking for another developer who could manage the project and undertake sales through their expertise. According to the joint alliance, Pashmina assured the company to pay 7.25% of revenue to Ekta World from the already sold area and 15% revenue from the remaining sale area towards the Development Management fees. As per the FIR, Pashmina mentioned that the company intends to acquire three lands of one acre each. Ekta promoters entered into a Development Management Agreement (DMA) with Pashmina by paying Rs 30 crore in July 2016. The money was to be used by Pashmina to buy more land parcels. Ekta also helped Pashmina to acquire third party finance of Rs 200 crore with the promoter's guarantee to the extent of fees. According to the terms of the alliance, Ekta and Pashmina were to operate a Master Escrow Account, while other accounts were operated jointly or only by Ekta World. However, it accused Pashmina of opening several accounts without the knowledge of Ekta and siphoning off the money and receivables of the Master Escrow Account. Pashmina said that Ekta failed the duties of a development manager. As per the alliance terms, Ekta had to sell Rs 50 crore in six months but could only achieve Rs 20 crore in two years. According to Pashmina, Ekta is putting false accusations on Pashmina and their directors, and representatives never wanted to develop land with Ekta, and their main intention was to defraud and cheat them by obtaining a huge amount and using their expertise to their wrongful gains. Image Source

Real Estate

07 Aug 2026

BXB Estates Sets AED 110 Million Jumeirah Golf Estates Record

BXB Estates has completed an AED 110 million residential transaction at Jumeirah Golf Estates, setting a new sales record for the prestigious Dubai residential community.Negotiated by Alfie Tabrez, Managing Partner of BXB Estates, the deal surpassed the previous record of AED 58 million for a completed ready villa in the development.The six-bedroom residence offers 21,714 sq ft of built-up space on a 15,873-sq-ft plot. It features nine bathrooms, four living lounges, a home office, bar lounge, private cinema and rooftop terrace.The property also includes a dedicated wellness area comprising a ..

Infrastructure Urban

07 Aug 2026

SECR Floats Rs 6,019 Mn EPC Tender For Paradol Nagpur Link

South East Central Railway (SECR) has invited bids for an Engineering, Procurement and Construction (EPC) contract to build a new broad gauge single line between Paradol Takeoff Point and Nagpur Road Station in Chhattisgarh. The contract carries an estimated cost of Rs 6,019.0 mn and requires an earnest money deposit of Rs 120.4 mn. The work is framed as an EPC assignment intended to strengthen regional rail infrastructure. The tender, issued under number CAO-C-BSP-26-27-15, specifies a completion period of 730 days and a bid validity of 180 days. Two pre-bid meetings are scheduled for 24 Augu..

Infrastructure Transport

07 Aug 2026

Indian Railways Reports Nine Per Cent Rise In July Freight Loading

Indian Railways handled 141.3 million tonnes (141.3 mn t) of freight in July, marking a rise of nine per cent year on year. Freight loading maintained a positive trajectory across the network compared with the same month last year. Passenger traffic also increased in July, contributing to higher overall network utilisation. The July outcome continued a pattern of steady monthly gains, reflecting gradual improvement in industrial and logistics activity. The growth in freight volumes reflected stronger demand across multiple sectors and improvements in logistics and train turnarounds. Enhanced r..