Mumbai EOW has registered an FIR over an alleged Rs 218 crore fraud involving industrial property in Navi Mumbai that was mortgaged against loans taken by Unimers India Ltd. The FIR alleges that third-party rights were created despite a Bombay High Court injunction, with Rs 29.62 crore allegedly received through the disputed transaction.

Mumbai EOW is investigating allegations of unauthorised third-party rights being created over mortgaged industrial property in Navi Mumbai | Ai Generated Image

Mumbai, August 20, 2026: The Economic Offences Wing (EOW) of the Mumbai Police has registered a case involving an alleged Rs 218 crore fraud in connection with mortgaged industrial property in Navi Mumbai. The case was initially registered at Oshiwara Police Station and later transferred to the EOW for investigation.

FIR Names Companies, Promoters

The FIR was registered under Sections 318(4) and 3(5) of the IPC. The original case was registered at Oshiwara Police Station. The complainant, Brijmohan Pyarelal Rathi, 61, a businessman and resident of Green Acres, Lokhandwala Complex, Andheri West, alleged that the accused conspired to create third-party rights over property that had already been mortgaged to financial institutions against loans taken by Unimers India Ltd.

The accused have been identified as M/s Unimers India Ltd.; promoter G.P. Goenka; promoter Shrivardhan Goenka; director Satya Prakash Gupta; M/s Raheja District-3 Pvt. Ltd.; director Ashish Suresh Raheja; and others.

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According to the FIR, Unimers India Ltd. had obtained loans from IFCI and other financial institutions in 1992 and had issued debentures against the borrowings, with ICICI Bank acting as the debenture trustee. The company had mortgaged its property at Plot No. 2/2, Trans-Thane Creek Industrial Area (TTC), MIDC, for securing the loans.

Court Order Over Mortgaged Property

After the company allegedly defaulted on repayment, ICICI Bank filed Suit No. 771/2002 before the Bombay High Court for recovery of the outstanding amount. The court subsequently passed an injunction restraining the creation of third-party rights over the mortgaged properties.

Despite the court order, the accused allegedly entered into an agreement on May 14, 2008, concerning approximately 1,52,419 sq. metres of land situated at Bhonsari, Kukset and Shiravane in Thane district. The agreement was allegedly executed between Unimers India Ltd. and Raheja District-3 Pvt. Ltd. (formerly Raheja Infocity Pvt. Ltd.).

Alleged Rs 184.29 Crore Transaction

The FIR alleges that the total value of the transaction was Rs 184.29 crore, out of which Rs 29.62 crore was received through the alleged unauthorised transaction.

The complainant further alleged that Ashish Raheja, despite being aware of the IFCI-related financial arrangements and restrictions on the property, acquired and claimed rights over the mortgaged assets.

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The complainant has alleged that by creating third-party rights over property that was secured against the loans, the accused caused wrongful loss and cheated him and his company, New Era Advisors Pvt. Ltd., to the tune of Rs 218 crore.

The alleged offence took place between May 14, 2008, and the date of registration of the FIR. The investigation has been assigned to PI Juberahmed Mujawar of Unit-1 (Housing-1), EOW, Mumbai.

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