EOW probes businessman Sudhir Walia and associates after the Parekh group alleged misuse of Suraksha Realty Ltd for Jaiprakash Infratech's insolvency case. The FIR, filed by SRL director Vijaykumar Parekh, claims fabricated board resolutions and unauthorised digital signature use. Police are examining SRL's role in a resolution process involving assets worth around ₹5,000 crore under EOW scrutiny.

₹5,000-Crore JIL Insolvency Case: Mumbai EOW Probes Sudhir Walia, Others Over Fabricated Board Resolutions, DSC Misuse | AI

Mumbai: The Economic Offences Wing (EOW) of Mumbai Police is probing businessman Sudhir Walia and others over a dispute between the Parekh and Walia families, who had jointly incorporated Suraksha Realty Ltd (SRL) in 2008, after the Parekh group alleged that the Walia group continued to use SRL to pursue the insolvency resolution of Jaiprakash Infratech Ltd (JIL) even after the two families had decided to separate their business interests. The complaint alleges that SRL's participation was supported by fabricated board resolutions and the unauthorised use of Paresh Parekh's digital signature, in a resolution process involving assets and business interests pegged at around Rs 5,000 crore.

Separate ₹1,000-Crore Yes Bank Loan Fraud Probe Against Walia

Walia is also facing a separate EOW probe into an alleged Rs 1,000-crore Yes Bank-linked loan fraud, which has also triggered an Enforcement Directorate money-laundering probe. In the JIL case, he has been named in the FIR along with Lakshadeep Investments & Finance Pvt Ltd and other corporate associates.

The FIR was initially registered at Matunga police station and later transferred to the EOW. It was lodged by Vijaykumar Mohanlal Parekh, 64, a director of SRL. SRL was incorporated as a joint venture between the Parekh and Walia families. Its directors included Vijaykumar Parekh, Paresh Parekh, Khyati Walia and Ramesh Madanlal Jain.

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Charges Under IT Act And BNS Provisions

The accused have been booked under Section 66(C) of the Information Technology Act and relevant provisions of the Bharatiya Nyaya Sanhita (BNS). The allegations relate to the period between October 1, 2018 and September 8, 2026.

The dispute centres on the corporate insolvency resolution process (CIRP) of JIL, which was initiated by the Allahabad NCLT in 2017. SRL, Lakshadeep Investments & Finance Pvt Ltd, Virtual Finance Pvt Ltd and four other companies had jointly submitted a resolution plan. The Committee of Creditors(CoC) rejected the plan, following which litigation continued and the Supreme Court directed continuation of the CIRP.

Parekh Group Claims It Withdrew From JIL Resolution Plan

According to Parekh's complaint, the Virtual Finance and Parekh groups subsequently decided not to pursue the JIL resolution plan and conveyed their decision to the Walia group. Around the same period, differences had emerged between the Parekh and Walia families over their jointly held businesses, and discussions were held to separate their business interests.

The complaint alleges that after the Parekh group decided not to proceed with the JIL plan, the Walia group continued pursuing the insolvency process through SRL without the Parekh group's knowledge or consent.

Consortium Arrangement And Approval Of Resolution Plan

The complaint alleges that, despite the decision by the two families to separate their business interests, Walia and his group continued to pursue the JIL insolvency process through SRL. In February 2019, SRL and Walia-group-linked Lakshadeep Investments & Finance Pvt Ltd entered into a consortium arrangement. In June 2019, the consortium submitted a resolution plan before the Delhi NCLT as joint resolution applicants. The plan was approved on March 7, 2023, and the NCLAT upheld the approval on May 24, 2024.

The central issue being examined by the EOW is whether Walia and his associates had the authority to represent SRL after the Parekh group had allegedly withdrawn from the JIL process. Parekh has alleged that no board meeting was held after the differences between the families surfaced and that neither he nor the Parekh group authorised Walia, Khyati Walia or their associates to represent SRL.

He has further alleged that three board resolutions dated February 8, 2019, November 11, 2019 and March 31, 2021 were fabricated, including through unauthorised use of Paresh Parekh's digital signature certificate (DSC).

The complaint also alleges that 125 crore JIL shares were transferred in 2024 to Lakshadeep Infrastructure and Holding Pvt Ltd without the Parekh group's knowledge or consent. Parekh has alleged that the recipient company was controlled by the Walia group.

A letter dated August 20, 2024, purportedly issued on behalf of SRL, stated that the company had no objection to the transfer. Parekh has alleged that Tej Singh, who signed the letter, had no authority from SRL to issue or execute it.

The EOW is examining the disputed board resolutions, the alleged misuse of Paresh Parekh's DSC, the authority of those who represented SRL before various forums and the circumstances surrounding the transfer of the 125 crore JIL shares.

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