Home / Crime and Justice / Mumbai Crime Branch Closes Rs 1000 Cr SRA Redevelopment Case
Mumbai Crime Branch Closes Rs 1000 Cr SRA Redevelopment Case
18 Oct
Summary
- Closure report filed in alleged Rs 1,000 crore financial fraud case.
- Allegations linked to SRA project redevelopment in Jogeshwari East.
- Police found no evidence of completed share transfer for legal validity.
The Mumbai city crime branch has submitted a closure report concerning an alleged Rs 1,000-crore financial fraud. This case is linked to the redevelopment of a Slum Rehabilitation Authority (SRA) project situated in Shankarwadi, Jogeshwari East. The complaint, filed by Rajat Jhunjhunwala, was deemed prima facie false by the police.
The dispute centered on the ownership and control of JLS Realty Pvt Ltd and its parent company, Shajas Developers Pvt Ltd. Jhunjhunwala claimed his company acquired full ownership through a share purchase agreement in May 2016. He alleged fraudulent transfer of ownership via forged documents.
However, the property cell of the crime branch found that stipulated conditions for the transaction's completion were not met. The investigation noted a lack of evidence for the agreed consideration being deposited and statutory share transfer procedures being followed. Consequently, the police concluded that the evidence did not support the invoked charges. They also alleged material information was not disclosed when seeking court directions.
