Senior Citizen, 17 Others Duped of ₹31 Crore in Mumbai Redevelopment Scam: Mumbai police booked a realtor and his son for fraud.

Mumbai Police have booked father-son developers Jaykumar Gupta and Suyash Gupta of Ranbir Real Estate and Developers LLP for allegedly duping 18 investors of ₹31.26 crore. The victims, including 71-year-old Mahesh Doshi, were promised an 18% annual return on a Jogeshwari redevelopment project. Initial quarterly payouts created a false sense of security until the developers abruptly defaulted in 2024. The Economic Offences Wing has now taken over the probe, registering case no. 110/2025.

Andheri Police register FIR against Ranbir Real Estate developers after investors allege promised 18% returns vanished; EOW takes over probe.

In a major financial fraud case, Mumbai Police have booked a father-son real estate duo for allegedly duping 18 investors of ₹31.26 crore. The Andheri police registered the FIR on December 3rd under sections 406, 420, and 34 of the IPC.

The accused are fraudsters Jaykumar Gupta and Suyash Gupta, directors of notorious M/s Ranbir Real Estate and Developers LLP. The Economic Offences Wing (EOW) has now taken over the investigation, filing case no. 110/2025.

The complaint was lodged by 71-year-old Mahesh Hakimchand Doshi, a pharmacy businessman from Vapi, Gujarat. Doshi was seeking investment opportunities with secure, high returns.

The Lure of Guaranteed High Returns in Mumbai Real Estate

In March 2021, a mutual contact introduced Doshi to the Gupta family. The developers claimed to be handling a lucrative redevelopment project in Jogeshwari East, Mumbai.

They presented project details and documents, asserting an urgent need for bridge funding. The Guptas promised a fixed annual interest of 18% on the invested principal amount.

Assured by the proposal, Doshi and his relatives transferred ₹8.26 crore via RTGS in April 2021. The company initially maintained quarterly interest payments until September 2024.

Payments were made after deducting TDS, creating a veneer of legitimacy. This consistent payout period lasted from 2021 through mid-2024, building false trust.

The Crack: When Payments Stopped and The Truth Emerged

Suddenly, after September 2024, the interest payments ceased entirely. The Guptas then began avoiding all communication regarding the principal repayment.

Doshi’s repeated attempts to contact the directors for clarity failed. This prompted him to dig deeper into the company’s other financial activities.

He subsequently discovered at least 17 other investors were similarly deceived. Among them was another family, led by investor Kirit Desai, facing identical non-payment issues.

The total alleged fraud amount across all 18 victims sums to ₹31.26 crore. The police FIR states all were lured by the same promise of high, fixed returns.

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Inside the Alleged Investment Fraud and Police Action

The criminal breach of trust occurred at the office of M/s Aditi Construction in Andheri East. The alleged financial scam’s duration spans from March 2021 to May 2023.

Andheri Police acted swiftly, recording the official complaint on December 3rd. The case has been transferred to the EOW for a specialised, in-depth probe.

Sections 406 (criminal breach of trust) and 420 (cheating) of the IPC are invoked. Section 34 indicates acts done with common intention by multiple accused.

This highlights the serious nature of the allegations against the developer duo. The EOW will now trace the money trail and identify all assets involved.

To view the FIR copy – Click here

A Wider Pattern: Real Estate Redevelopment Risks for Investors

This case exposes critical risks in private financing for Mumbai’s redevelopment projects. Investors are often attracted by promises of above-market returns.

The “bridge funding” model for construction is particularly vulnerable to misuse. A Sprouts News Special Investigation Team analysis notes a rise in such complaints.

Experts advise stringent due diligence before investing in such schemes. Verifying project approvals, developer track records, and escrow mechanisms is essential.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) mandates project registration. Investors should cross-check any project’s official RERA status independently.

The Road Ahead for the ₹31 Crore Cheating Case

The EOW’s investigation will focus on forensic audit of the accused firm’s accounts. Recovering the defrauded money for the investors remains the primary challenge.

Authorities may attach properties and freeze bank accounts of the accused. The Guptas are currently listed as “wanted accused” in the police documents.

This case serves as a stark warning for high-net-worth individuals seeking investments. Regulatory gaps in monitoring private placement deals in real estate need addressing.

For the 18 investors, including a senior citizen, the legal battle begins. The outcome will depend on the speed and efficacy of the EOW’s financial investigation.

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