Ashwin Sheth Group Accuses Anchor Leasing of ₹700 Crore Fraud, FIR Filed

 

Mumbai: The Economic Offence Wing (EOW) of the Mumbai Police has lodged an FIR under Sections 420 (cheating) and 120B (criminal conspiracy) of the Indian Penal Code against key individuals associated with Anchor Leasing Pvt. Ltd. and Shah Construction Company Ltd. The accused include prominent individuals such as Mr. Jadhavji Shah, Mr. Atul Damji Shah, Mr. Mehul Jadhavji Shah, Mr. Sanjay Damji Shah, and other beneficiaries and shareholders, namely Mrs. Jaywanti Jadhavji Shah, Mr. Hemang Jadhavji Shah, Mr. Kanan Hemang Shah, Mrs. Shantaben Damji Shah, Mrs. Heena Sanjay Shah, and Mrs. Usha Atul Shah.

The FIR, based on a complaint by Mr. Ashwin Sheth of the Ashwin Sheth Group, alleges misappropriation of funds amounting to ₹51 crore in 2008.

According to the complaint, ₹51 crore was invested in 2008 for the development of a prime plot in Andheri. The agreement was made with the understanding that the accused would formalize the partnership and commence development. However, the funds were allegedly misappropriated, leaving the project uninitiated and the complainant defrauded.

Statement from Ashwin Sheth Group
A representative from the Ashwin Sheth Group stated: "This case is a testament to the breach of trust and unethical practices by Anchor Leasing Pvt. Ltd. and Shah Construction Company Ltd. The substantial investment of ₹51 crore was made in good faith, but it resulted in criminal breach of trust and misappropriation of funds. The amount now exceeds ₹700 crore, and we remain committed to seeking justice and recovering our dues."

This case has sent shockwaves through Mumbai’s real estate sector, underscoring the need for ethical practices and transaction transparency. Legal experts suggest this could serve as a precedent in addressing large-scale financial fraud in the industry.

The EOW has commenced an investigation into the financial trail and the actions of the accused. Stakeholders in the real estate sector are calling for stricter due diligence protocols to prevent such fraudulent activities.

Anchor Leasing Pvt. Ltd. has not yet issued a statement regarding the allegations. Meanwhile, the Ashwin Sheth Group has urged authorities to expedite the investigation and ensure justice is served. The case highlights the importance of accountability in the real estate sector and aims to deter future misconduct.