Mumbai Police have registered a case against city-based developer Kersi Jamshed Randeria and his son Astaad Kersi Randeria over an alleged Rs 14 crore cheating and criminal breach of trust linked to Slum Rehabilitation Authority projects in Ghatkopar. The complaint, filed by chartered accountant Anil Govindprasad Lohia, has now been transferred to the Economic Offences Wing for detailed investigation.
According to the FIR lodged at Ghatkopar police station, Lohia, 69, a resident of Prabhadevi, was allegedly persuaded to invest in two SRA schemes — Jeevdaya (SRA) Co-operative Housing Society and Saikripa (SRA) Co-operative Housing Society — located on Lal Bahadur Shastri Marg in Ghatkopar (West). Lohia stated that his son, Ankit Lohia, had known Astaad Randeria since 2008 through shared office premises. Through this association, the Randerias allegedly encouraged investment in M/s Ambaji Construction, promising profits of around Rs 100 crore and entitlement to valuable Transferable Development Rights.
A Joint Venture Agreement titled ‘Ambaji Arch JV’ was executed on July 8, 2022, under which Kersi Randeria was to clear all project liabilities. Lohia and his family reportedly transferred about Rs 5.25 crore to the construction firm, while an additional Rs 4.57 crore was paid to the SRA authority through Sai Prem Developers Pvt Ltd. A supplementary agreement the same day assured Lohia 2,199 sq ft of constructed area valued at Rs 4.10 crore.
The complaint alleges that financial records later revealed unauthorised transactions, including transfers to personal accounts, cash withdrawals and payments unrelated to project work. It further claims Rs 3.48 crore was diverted to another company and Rs 12 crore from TDR sales was credited to Ambaji Construction’s account instead of a joint account, contrary to the agreement.
Police have invoked Sections 409 and 34 of the Indian Penal Code as the probe continues.
Source: The Free Press Journal
