Mumbai EOW Registers ₹72.98 Crore Fraud Case Against 2 Individuals For Forging Builder Bharat Shah’s Signature
Mumbai: The Mumbai Police’s Economic Offences Wing (EOW) has registered an FIR in N M Joshi Police Station against two individuals in connection with a ₹72.98 crore fraud allegedly committed against Bharat Shah.
The accused have been identified as Ramesh Shah and Rahul Shah, who allegedly violated the terms of a Memorandum of Understanding (MoU) signed in 2014 and 2015. According to EOW officials, the duo fraudulently availed loans from India Capital Finance Ltd and Yes Bank by forging the signatures of complainant Bharat Shah along with Manikchand Lunkar and Mahendra Lunkar.
The fraud came to light when Bharat Shah received a loan recovery notice from the bank, prompting him to inquire with the accused. In response, Ramesh and Rahul Shah allegedly forcibly retired Bharat Shah from the firm in order to avoid holding him liable for the loan.
Post his forced retirement, the accused allegedly withheld Bharat Shah’s share of ₹72.98 crore, effectively defrauding him.
Based on the complaint, the EOW has registered a case under multiple sections of the Indian Penal Code (IPC), including Section 420 (cheating), 465 (forgery), 467 (forgery of valuable security), 468 (forgery for purpose of cheating), 471 (using forged document as genuine), and 34 (common intention). The EOW is continuing its investigation and has not ruled out further developments in the case.
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