The Mumbai Police’s Economic Offences Wing (EOW) has arrested Rajeeb Ratan Banerjee (52) from Bhayender in connection with a massive cheating and forgery case. A 61-year-old grocery businessman from Karnataka, K. Panduranga Kamath, alleged that he was defrauded of over Rs35.26 crore under the pretext of investing in a prime Mumbai property supposedly owned by a private bank. Banerjee was remanded to police custody for five days.
An FIR was filed at Khar Police Station under Sections 406, 409, 419, 420, 465, 471, and 120(B) of the Indian Penal Code. The case was later transferred to the EOW. Other accused include Pradeep Gangoli, Sameeran Desai (alleged HDFC employee), Sudhir Garg, Amrish Singh, and advocate and chartered accountant Abhay Tiwari.
Between December 2012 and 2023, the accused allegedly lured Kamath with promises of high returns by claiming they would purchase a prime property near Carter Road, Bandra, Mumbai, through auction and later resell it at a profit. Kamath and his associate reportedly paid around Rs35.26 crore for the property. However, the property was never transferred, and the money was never returned.
To build trust, the accused allegedly created fake email IDs in HDFC Ltd’s name and sent forged communications regarding the auction and transaction. Kamath was told the property would be auctioned for Rs7 crore and later sold at a significant profit. Delays were repeatedly blamed on pending cases before the RBI, Rajasthan High Court, and the Enforcement Directorate. Investigations revealed no auction occurred, and Banerjee had resigned from HDFC in 2010.
The EOW is now probing the money trail, forged documents, fake emails, and each accused’s role in the alleged Rs35.26 crore fraud. Further arrests and developments are expected as the investigation continues.
