₹14 Crore SRA Fraud In Ghatkopar: Mumbai Police Book Builder Kersi Randeria And Son For Cheating
· Free Press Journal
Mumbai: The Mumbai police have registered a case against city-based builder Kersi Jamshed Randeria and his son Astaad Kersi Randeria in connection with an alleged Rs14 crore cheating and criminal breach of trust case linked to Slum Rehabilitation Authority (SRA) projects in Ghatkopar.
Two Ghatkopar SRA Housing Societies
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According to the FIR lodged at Ghatkopar police station, the complainant, Anil Govindprasad Lohia, 69, a chartered accountant residing at Prabhadevi, was allegedly induced to invest substantial funds in two SRA projects Jeevdaya (SRA) Co-operative Housing Society and Saikripa (SRA) Co-operative Housing Society, located on Lal Bahadur Shastri Marg in Ghatkopar (West).
Lohia, who runs a family business under the name Arch Basera LLP, stated that his son Ankit Lohia, a lawyer, had known Astaad Randeria since 2008 as they shared office space. Through this association, Astaad allegedly persuaded the Lohia family to invest in his father’s firm, M/s Ambaji Construction, promising that the joint venture would generate an estimated profit of Rs100 crore along with entitlement to valuable Transferable Development Rights (TDR).
On July 8, 2022, a Joint Venture Agreement titled ‘Ambaji Arch JV’ was executed between the parties. As per the agreement, Kersi Randeria was to bear all outstanding liabilities related to the projects. Lohia and his family subsequently transferred approximately Rs5.25 crore from personal and firm accounts to M/s Ambaji Construction. Additionally, through his company, Sai Prem Developers Pvt Ltd, Lohia paid Rs4.57 crore to the SRA authority on behalf of the construction firm.
Supplementary Deal
A supplementary agreement executed the same day also assured Lohia of 2,199 square feet of constructed area in the project, valued at approximately Rs4.10 crore.
However, the complainant alleged that despite repeated follow-ups, the Randerias failed to provide transparent access to bank statements and books of accounts. On May 29, 2024, after persistent demands, Lohia received tally data and bank statements of Ambaji Construction, which allegedly revealed multiple unauthorized fund transfers.
The FIR claims that between January 2023 and March 2024, substantial amounts were diverted from the company’s bank accounts for personal and unrelated expenses. These include Rs45 lakh transferred to Kersi Randeria’s personal account, payments to contractors, Rs1.17 lakh allegedly spent on a luxury wristwatch, Rs9 lakh withdrawn in cash, and Rs24.77 lakh transferred to a legal professional.
Rs 3.48 Crore Diverted to Another Firm
It is further alleged that Rs3.48 crore was diverted to another company, Durand Forms, without the complainant’s knowledge, along with multiple other cash withdrawals totaling approximately Rs67.78 lakh between April 2023 and May 2024.
FAIMA Maharashtra Women's Forum Announces 10-Day Online Series For International Women's Day 2026The complaint also alleges that Rs12 crore received from the sale of TDR linked to the SRA projects was credited to Ambaji Construction’s accounts instead of a jointly operated account as mandated under the agreement, and was subsequently misused.
Post-Completion Payments
Furthermore, despite completion of certain project buildings in June 2022, additional payments amounting to approximately Rs25 lakhs were allegedly made in March 2024 for works such as aluminium fittings.
Police have registered the offence under Sections 409 and 34 of the Indian Penal Code, and the investigation has been transferred to the Economic Offences Wing for further probe.
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