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

Infrastructure Energy

17 Dec 2025

Vedanta Aluminium Uses 1.57 bn Units of Green Energy in FY25

Vedanta Aluminium, India’s largest aluminium producer, recently reported consumption of 1.57 billion units of renewable energy in FY25, marking a significant milestone in its 2030 decarbonisation roadmap. The company also achieved an 8.96 per cent reduction in greenhouse gas (GHG) emissions intensity compared to FY21, reinforcing its leadership in India’s low-carbon manufacturing transition. During FY25, Vedanta Aluminium expanded its renewable energy portfolio through long-term power purchase agreements, strengthening its strategy to source nearly 1,500 MW of renewable power over the lon..

Real Estate

17 Dec 2025

Oberoi Group to Develop Luxury Resort at Makaibari Tea Estate

EIH Limited, the flagship company of The Oberoi Group, has announced the signing of a management agreement to develop an Oberoi luxury resort at the iconic Makaibari Tea Estate in Darjeeling. The project marks a key milestone in the Group’s long-term strategy of creating distinctive hospitality experiences in rare and environmentally significant locations. Established in 1859, Makaibari is one of the world’s oldest tea estates and is globally recognised for its Himalayan landscape, primary forests and exceptional biodiversity. Spread across 1,236 acres, the estate houses one of the world�..

Real Estate

17 Dec 2025

GHV Infra Secures Rs 1.09 Bn EPC Order in Jamshedpur

GHV Infra Projects Ltd, a fast-growing EPC company in India’s infrastructure and construction sector, has recently secured a Rs 1.09 billion work order in Jamshedpur, Jharkhand. Awarded by a reputed group entity, the contract covers end-to-end civil construction, mechanical, electrical and plumbing (MEP) systems, along with high-quality finishing works for a large building development. The project will be executed over a 30-month period, with defined benchmarks for quality, safety and timely delivery. The order strengthens GHV Infra’s footprint in Jamshedpur, a key industrial hub known fo..