The Andheri Police have booked a father–son real estate duo and their construction company for allegedly cheating 18 investors of Rs31.26 crore by promising high returns on a redevelopment project.
The accused are:
Jaykumar Gupta – director of M/s Ranbir Real Estate & Developers
Suyash Gupta – director of M/s Ranbir Real Estate & Developers
The complainant, Mahesh Doshi, a pharmacy businessman from Vapi, Gujarat, was introduced to the company in March 2021. The Gupta duo claimed to be executing a redevelopment project in Jogeshwari East and promised 18% annual returns. Convinced, Doshi and his family transferred Rs8.26 crore via RTGS in April 2021.
The company initially paid interest until September 2024, after which payments stopped, and the Guptas allegedly avoided repaying the principal. Investigations revealed that 17 other investors, including Kirit Desai and family, were similarly cheated.
The case has been registered against M/s Ranbir Real Estate & Developers, Jaykumar Gupta, and Suyash Gupta under IPC Sections 406 (criminal breach of trust), 420 (cheating), and 34 (common intention). The Economic Offences Wing (EOW) is probing the matter further.
