31 January,2025 10:48 AM IST | Mumbai | Faizan Khan
Representational Pic
A major financial fraud has come to light, with Andheri-based businessman Pratik Vira filing an FIR against real estate developers Kashyap Mehta, Atul Bharani, and others associated with the Sunshine Group.
Registered at Matunga Police Station, the complaint accuses the developers of cheating, breach of trust, and forgery, alleging that Vira was defrauded of Rs 250 crore through forged documents and unauthorized financial transactions.
Vira, who operates in the construction and finance sector, claims he was persuaded to invest Rs 150 crore in the Sunshine Group with promises of lucrative returns and a business partnership.
Over time, he was made a 20 percent shareholder and director in around 26 group companies but alleges he had no real control over financial decisions. The complaint states that the Sunshine Group secured loans from financial institutions under false pretenses.
ALSO READ
Thane: 54-year-old founder of educational institute held for raping teacher
Karnak railway flyover’s 550-metric-ton girder successfully shifted
Pune: Man diagnosed with nerve disorder GBS dies in civic hospital
'Construction dust can worsen symptoms for chronic lung patients': Pulmonologist
Rare snakehead fish rediscovered in India after 80 years
Among them was a Rs 25 crore loan taken in Vira's name without his consent in 2015, followed by another Rs 55 crore loan in 2016.
In 2017, a Rs 90 crore construction loan intended for the Samrudhi Garden project in Bhandup was allegedly misused, with Rs18.22 crore siphoned off to other entities.
As Vira began questioning financial irregularities, tensions escalated between him and the Sunshine Group.
He was later removed from company operations, leading to a series of legal battles in the National Company Law Tribunal (NCLT), the National Company Law Appellate Tribunal (NCLAT), and the Supreme Court.
A settlement agreement in 2018 granted him a stake in one of the group's companies, later rebranded as Sivana Realty Pvt. Ltd., but he claims the group failed to honor their commitments, resulting in additional losses of Rs 38.35 crore.
Matunga Police have launched an investigation into the case, which involves allegations of forgery, financial mismanagement, and criminal breach of trust.
While no arrests have been made yet, sources suggest that key figures from the Sunshine Group may soon be called in for questioning. Vira has also moved the Bombay High Court, seeking legal recourse for his losses.
