Ashwin Sheth Group Files FIR Against Anchor Leasing Over ₹700 Crore Financial Dispute

The Economic Offence Wing (EOW) of Mumbai Police has registered a First Information Report (FIR) under Sections 420 (cheating) and 120B (criminal conspiracy) of the Indian Penal Code against key individuals associated with Anchor Leasing Pvt. Ltd. and Shah Construction Company Ltd., including Mr. Jadavji Shah and other beneficiaries and shareholders of the companies. The implicated individuals include Mr. Atul Damji Shah, Mr. Mehul Jadhavji Shah, Mr. Sanjay Damji Shah, Mrs. Jaywanti Jadavji Shah, Mr. Hemang Jadhavji Shah, Mr. Kanan Hemang Shah, Mrs. Shantaben Damji Shah, Mrs. Heena Sanjay Shah, and Mrs. Usha Atul Shah.

Initially filed under IPC Section 420, further investigation led police authorities to invoke IPC Section 409 (criminal breach of trust by a public servant, banker, merchant, or agent). Section 409 carries the possibility of life imprisonment. The investigation is ongoing.

The FIR follows a complaint lodged by Mr. Ashwin Sheth of the Ashwin Sheth Group, alleging misappropriation of ₹51 crore invested in 2008 to develop a plot of land in Andheri. According to the complaint, the funds were provided with the understanding that the accused would formalize an agreement and begin development. Instead, the funds were allegedly misused without informing the complainant.

A representative of the Ashwin Sheth Group remarked:

"This case is a testament to the breach of trust and unethical practices adopted by Anchor Leasing Pvt. Ltd. and Shah Construction Company Ltd. The substantial investment of ₹51 crore in 2008 was made in good faith with the expectation of a transparent partnership, but it turned out to be a case of false promises and they have committed a criminal breach of trust by misappropriating funds."

The Ashwin Sheth Group now claims the amount due has risen to over ₹700 crore, factoring in the value of the delayed project and associated damages. The group has urged authorities to expedite the investigation and ensure justice.

Legal experts believe this case could be significant in addressing financial disputes in Mumbai’s real estate sector. The EOW’s investigation aims to track the financial transactions and assess the roles of the accused.

This case has drawn attention in Mumbai’s real estate community, raising concerns about the need for transparency and due diligence in business partnerships.

Anchor Leasing Pvt. Ltd. has not yet responded to the allegations. The Ashwin Sheth Group remains focused on recovering their dues and pursuing legal action to resolve the matter.