FIR against Ranbir Real Estate & Developers LLP for luring investors with 18 per cent annual interest and then completely stopping payouts
The building being redeveloped by the accused at Sarvodaya Nagar in Meghwadi, Jogeshwari East. Pic/By Special Arrangement
A 71-year-old Andheri resident and 17 other investors have accused two directors of Ranbir Real Estate & Developers LLP of cheating them of Rs 31.26 crore after promising them 18 per cent annual interest, paid quarterly, on their investment in a redevelopment project in Jogeshwari East.
The Andheri police have registered a case against the directors, Jaikumar Gupta and Suyash, who is his son. The complainant, Mahesh Hakimchand Doshi, owns a pharmaceutical company in Vapi, Gujarat, according to the police.
According to Doshi’s statement, in March 2021, when he was exploring long-term investment opportunities, his colleagues introduced him to Gupta, who was handling a redevelopment project in Sarvodaya Nagar, Meghwadi.
The Andheri police have registered an FIR against Jaikumar Gupta and his son, Suyash, and their firm. Representation Pic/iStock
A police officer said, “In 2021, the Guptas allegedly told Doshi they had been in the real estate and transport businesses for over two decades and were constructing three buildings, including one with 215 flats and six shops for original landowners at Jogeshwari East. But they required funds from investors to complete the project. Gupta also promised 18 per cent interest, to be paid every quarter.”
“Between April 6, 2021 and 26 May 2023, Doshi, along with his son, daughter-in-law, wife, and several friends, transferred a total of Rs 8.26 crore into the firm’s bank account. The total principal amount collected from Doshi and others eventually reached Rs 31.26 crore,” a police officer said.
According to the police, from 2021 to September 30, 2024, the Guptas reportedly paid quarterly interest, as promised. But after that, the payments abruptly stopped. When questioned, the directors allegedly claimed they were facing “financial problems” and issued cheques to the complainants — all of which bounced.
Broken promise
Doshi had told the police, “The Guptas assured investors the principal amount would be returned by January 2, 2025. However, despite repeated follow-ups, no money was returned. They kept saying they have strong connections and have been in the real estate business for decades. But they were only evading repayment.”
Doshi alleges that the developers had no intention of refunding the principal or paying interest and systematically avoided communication after September 2024. A police officer said, “We have registered an FIR against Jaikumar Gupta and his son, Suyash, and their firm for allegedly cheating 18 people.”
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