Mumbai’s real estate sector, a prominent builder-developer has been accused of fraudulent activities, including forgery and embezzlement, involving a substantial sum of Rs13.65 crore. The allegations have resulted in the filing of a First Information Report (FIR) against the builder, identified as Pratik Vira, by the Mumbai Police.
According to the police, Vira is charged with using forged documents to illegally claim ownership of 71 flats and office units within the Samriddhi Garden Project, a real estate venture based in Bhandup. The complaint, lodged at the Azad Maidan police station by another real estate developer, has unveiled a web of deceit that allegedly spans several years. The controversy centres around the Samriddhi Garden Project, originally developed by Sunshine Housing, a subsidiary of Sunshine Group. This project was initiated in 2006 on a 3.75-acre plot in Bhandup, with the Sunshine Group’s operations extending into the realm of real estate development. Vira joined the Sunshine Group in 2010, initially overseeing the accounting, finance, and marketing functions, before being appointed as director in 2019. During this period, Vira allegedly orchestrated a series of financial maneuvers that led to his takeover of the Sunshine Housing entity, which he subsequently renamed Sivana Realty.
The FIR reveals that Vira exploited the corporate insolvency resolution process (CIRP) to his advantage. He reportedly undervalued Sivana Realty’s liabilities, declaring only Rs13 lakh in outstanding dues despite the presence of substantial funds and numerous transactions. This misrepresentation enabled Vira to claim the flats and office units, leveraging the insolvency process to facilitate his fraudulent gains. The dispute among partners had previously revolved around Vira’s demand for certain flats and office units in exchange for the 20 percent shareholding held by his family. The allegations against him underscore a broader issue of trust and transparency in the real estate sector, where corporate governance and financial integrity are increasingly under scrutiny.
The ongoing investigation is expected to shed more light on the full extent of the alleged fraud, with the police and regulatory authorities examining Vira’s financial transactions and the validity of the documents used. This case serves as a stark reminder of the vulnerabilities in the real estate industry and the importance of stringent oversight to prevent such malpractices.
