Mumbai: The Mumbai Economic Offences Wing (EOW) of Mumbai Police has arrested two directors — Mangesh Pandurang Kadam (64) from Mittal Tower and Mamta Digvijay Singh (44) from Mira Road in a massive corporate fraud case involving forged share certificates and illegal transfer of company assets worth over ₹1000 crore.
According to the complaint by businessman Rajat Jhunjhunwala, the accused allegedly forged MGT-7 forms and fake shareholding certificates of Shajas Developers Pvt Ltd and its subsidiary JLS Realty Pvt Ltd, fraudulently transferring Jhunjhunwala’s ownership and showing him as having no stake in the companies.
The investigation revealed that forged documents were submitted to the Registrar of Companies (ROC), and nearly 3.9 million shares were illegally dematerialized and transferred through shell firms. Witness statements also indicate fabricated signatures and fake pledges of shares to IDBI Trusteeship Services, raising questions about complicity of other entities.
EOW officials stated that the fraud not only cheated the complainant but also caused a loss of over ₹40 crore to the government by undervaluing property in conveyance deeds. The accused allegedly worked in collusion with other partners to misappropriate ownership and assets of JLS Realty and Shajas Developers, valued at over ₹1000 crore. Both accused were produced before the Esplanade Court on Thursday, which remanded them to police custody till September 16 for further investigation.Mumbai: The Mumbai Economic Offences Wing (EOW) of Mumbai Police has arrested two directors — Mangesh Pandurang Kadam (64) from Mittal Tower and Mamta Digvijay Singh (44) from Mira Road in a massive corporate fraud case involving forged share certificates and illegal transfer of company assets worth over ₹1000 crore.
According to the complaint by businessman Rajat Jhunjhunwala, the accused allegedly forged MGT-7 forms and fake shareholding certificates of Shajas Developers Pvt Ltd and its subsidiary JLS Realty Pvt Ltd, fraudulently transferring Jhunjhunwala’s ownership and showing him as having no stake in the companies.
The investigation revealed that forged documents were submitted to the Registrar of Companies (ROC), and nearly 3.9 million shares were illegally dematerialized and transferred through shell firms. Witness statements also indicate fabricated signatures and fake pledges of shares to IDBI Trusteeship Services, raising questions about complicity of other entities.
EOW officials stated that the fraud not only cheated the complainant but also caused a loss of over ₹40 crore to the government by undervaluing property in conveyance deeds. The accused allegedly worked in collusion with other partners to misappropriate ownership and assets of JLS Realty and Shajas Developers, valued at over ₹1000 crore. Both accused were produced before the Esplanade Court on Thursday, which remanded them to police custody till September 16 for further investigation.
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