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

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

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

Next Story
Infrastructure Transport

Tata, Airbus to Build India’s First Private Helicopter Line

In a landmark development for India’s aerospace sector, Tata Advanced Systems Limited (TASL) and Airbus will establish the country’s first private-sector helicopter assembly line in Vemagal, Karnataka. The facility will manufacture the Airbus H125 and H125M, marking a significant milestone in India’s push for self-reliance in aviation and defence manufacturing. The new Final Assembly Line (FAL) will produce the H125, the world’s best-selling single-engine helicopter, known for its versatility and performance in extreme environments. The first ‘Made in India’ H125 is expected to ro..

Next Story
Infrastructure Urban

NeGD to Support Bharat Taxi in Building Cooperative Ride Platform

In a significant move for India’s digital and mobility transformation, the National e-Governance Division (NeGD) of the Digital India Corporation, under the Ministry of Electronics and Information Technology (MeitY), has entered into an advisory partnership with Sahakar Taxi Cooperative Limited, the company behind Bharat Taxi — a first-of-its-kind, cooperative-led national ride-hailing platform. A Memorandum of Understanding (MoU) has been signed between NeGD and Sahakar Taxi to provide strategic advisory and technical support covering key areas such as platform integration, cybersecurity..

Next Story
Technology

MeitY Hosts Pre-Summit for India–AI Impact Summit 2026

The Ministry of Electronics and Information Technology (MeitY), Government of India, hosted a series of Pre-Summit events for the upcoming India–AI Impact Summit 2026 at the India Mobile Congress (IMC) 2025 in New Delhi. These sessions mark a key milestone ahead of the main summit, scheduled for 19–20 February 2026 at Bharat Mandapam, New Delhi. Delivering the inaugural address, S. Krishnan, Secretary, MeitY, highlighted India’s innovative and frugal approach to AI development. “We have adopted innovative means by learning from others’ experiences to build projects and products that..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?