Ekdant Housing Partners Booked for Massive ₹300 Cr Ponzi Fraud.

Thane EOW Books Ekdant Housing Partners in Massive ₹300 Crore Investment Scam

Thane’s Economic Offences Wing has booked Ekdant Housing partners Hasmukh Surji Shah and Ashok Visanji Pasad for allegedly running a ₹300 crore investment scam. Nearly 200 investors were lured with promises of flats and monthly returns, forming a sophisticated Ponzi-style operation. Early complaints estimated the losses at over ₹100 crore, but ongoing investigations now place the scam at nearly ₹300 crore. The case, registered under cheating, conspiracy, and the MPID Act, has triggered raids and evidence seizures across Thane.

Thane EOW Ekdant Housing fraud case exposes a sophisticated investment trap. The Economic Offences Wing has charged the firm’s partners for a staggering financial crime. They allegedly duped approximately 200 investors in a complex scheme. Initial complaints cite losses exceeding ₹100 crore. However, police investigations now suggest the scam could reach a colossal ₹300 crore.

Accused Hasmukh Surji Shah and Ashok Visanji Pasad face serious charges. They were booked following a detailed complaint from an investor. The charges include criminal conspiracy and criminal breach of trust. They are also charged under the stringent Maharashtra Protection of Interest of Depositors (MPID) Act. This indicates a serious financial establishment fraud.

The case highlights deep trust violations within investment networks. The police are now tracing the complete money trail. This multi-crore scam has sent shockwaves through Thane’s investor community. The EOW’s swift action underscores its focus on economic crimes.

How a Trusted Investment Turned Into a ₹300 Crore Nightmare

The complaint reveals a story of long-term trust being exploited. Investor Girish Amrutlal Dedia owns Anchor Products. He had known accused Ashok Pasad since the 1990s. Dedia routinely invested his firm’s surplus funds through Pasad. This established relationship formed the basis of the deception.

In September 2016, Pasad advised Dedia to invest in Ekdant Housing. Acting on this, Dedia invested a significant sum of ₹8 lakh. The firm initially paid a monthly interest of 1.5% reliably. These regular payments continued without issue until the year 2018. This consistency built a false sense of security for the investor.

The scheme unravelled when the payments abruptly stopped. When Dedia questioned the partners, they cited poor financial conditions. They expressed an inability to return the principal investment amount. This prompted Dedia to conduct his own preliminary investigation. He then discovered nearly 200 other investors faced similar defaults.

Also Read: Bombay High Court Fee Calculator Error Sparks Transparency.

EOW Raids Uncover Evidence; Reveal Accused’s Criminal History

The Thane EOW acted swiftly on the filed complaint. On November 15, officers conducted simultaneous raids at key locations. They targeted the firm’s office in Vishnunagar for evidence. Another raid occurred at Hasmukh Shah’s residence in Naupada. These searches proved crucial for the ongoing investigation.

Police officials confirmed the seizure of critical evidence during raids. Incriminating documents and digital hard disks were confiscated. This material is believed to contain transaction records and investor details. The evidence will help establish the full scope of the alleged fraud. It will also identify all victims involved in this widespread scam.

Investigators revealed that Hasmukh Shah is a repeat offender. Two previous cases are already registered against him at Naupada police station. These past charges include criminal breach of trust and assault. Charge sheets have been filed in those earlier legal matters. This history points to a pattern of alleged financial misconduct.

The Ponzi Scheme Modus Operandi Promising Flats and High Returns

Deputy Commissioner of Police Parag Manere provided key insights. He leads the EOW and Cyber Cell for Thane police. “Primary investigations reveal a deliberate deception strategy,” said DCP Manere. The accused promised allotment of flats to some targeted investors. To others, they offered high, attractive monthly interest rates.

Their operational model was a classic Ponzi-like scheme. They collected large sums of money from numerous investors. This capital was then lent to real estate developers at even higher rates. The police suspect the scheme relied on new investments to pay old investors. This unsustainable model was destined for eventual collapse.

The investigation is now focused on quantifying the exact damage. Police confirm over 200 investors were likely cheated. The estimated fraud amount is approximately ₹300 crore. The EOW is currently verifying the total number of victims. They are also forensically auditing the complete amount cheated.

Broader Implications for Investor Vigilance and Regulatory Action

This case is a stark reminder for all Indian investors. High-return promises in real estate often carry hidden high risks. The Sprouts News Special Investigation Team advises thorough due diligence. Always verify a firm’s credentials and its partners’ backgrounds. Check for any past litigation or regulatory actions against them.

The invocation of the MPID Act is a significant legal step. This state law is specifically designed to protect depositors’ interests. It allows for the speedy attachment of accused assets. This facilitates eventual restitution for the fraud’s victims. Its use shows the seriousness with which authorities are treating this case.

The Thane EOW’s proactive stance sets a important precedent. It signals a crackdown on sophisticated financial crimes in the region. For policymakers, it highlights the need for even stronger investor education. Regulatory bodies must enhance monitoring of such unregulated investment pools. This will help prevent similar large-scale scams in the future.

The investigation remains active and ongoing as of this report. The Thane EOW is committed to a thorough and conclusive probe. They aim to deliver justice for all affected investors in this complex case.