The Economic Offenses Wing (EOW) of the Mumbai Police has registered a case against Ramesh Shah and Rahul Shah, directors of Sumer Group, for allegedly defrauding Girgaon-based builder Bharat Kishoremal Shah, 59, of ₹72.98 crore in a partnership firm.
According to the police, the complainant Bharat Shah, a resident of Sumer Heights, K. M. Munshi Marg, Girgaon, Mumbai, was a partner in Sumer Group, office located at Peninsula Corporate Park, Senapati Bapat Marg, Lower Parel. Bharat Shah, along with co-partner Mahendra Lunkar decided to exit the partnership.
Consequently, in 2014 and 2015, a Memorandum of Understanding (MOU) was signed between Bharat Shah, Lunkar, Ramesh Shah, and Rahul Shah.
The complaint Bharat Shah, alleges that Ramesh Shah and Rahul Shah violated the terms and conditions of the MOU. They allegedly submitted forged authorization letters with the fake signatures of Bharat Shah and Lunkar to India Capital Finance Ltd. and Yes Bank to obtain loans, thereby benefiting themselves.
Furthermore, despite the MOU stipulating that Bharat Shah and Lunkar would retire from the firm only after receiving ₹89 crore, Ramesh Shah and Rahul Shah allegedly pressured them to retire from the firm to avoid liability on the loans. The supplementary MOU also stated that Bharat Shah and Lunkar would receive ₹89 crore. However, they were reportedly paid only ₹16.02 crore, with the remaining ₹72.98 crore allegedly withheld, leading to the fraud complaint.
A case has been registered at N. M. Joshi Marg Police Station under sections 420 (cheating), 465 (forgery), 467 (forgery of valuable security), 468 (forgery for the purpose of cheating), 471 (using forged document), and 34 (common intention) of the Indian Penal Code.
Police stated that further investigation into the matter is ongoing.
