Mumbai : The Economic Offences Wing (EOW) of the Mumbai Police has registered a case of cheating and criminal breach of trust against Everest Fincap Pvt Ltd (EFPL), now known as Money Magnum Nest Pvt Ltd, and its directors—Kishore Shah, Vimal Shah, Nainesh Shah, and Sheryu Shah—for allegedly defrauding a real estate investment firm and its urban infrastructure fund partner of ₹96.7 crore.
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The FIR, registered at the Cuffe Parade police station, is based on a complaint filed on April 4 by Devesh Kumar Jamanaprasad Vyas, Vice-President and Vice-Chairman of the Urban Infrastructure Venture Capital Fund (UIVCF). According to the complaint, the accused misrepresented themselves between October 2007 and May 2009 as sole owners and decision-makers of EFPL. They assured the complainant of a lucrative joint venture to develop a seven-acre prime parcel of land located in Mahalaxmi, formerly belonging to Bradbury Mills. Vyas’s complaint details that the land in question—measuring over 28,000 square meters—was acquired by EFPL in May 2005 for ₹41 crore via proceedings of the Debt Recovery Tribunal (DRT), following loan defaults by Bradbury Mills.
Lured by promises of high returns and claims that the funds would be used for arbitration, legal settlements, and land development, UIVCF and its partner invested ₹96.7 crore—₹36 crore contributed directly by the complainant’s firm and ₹60.7 crore by the real estate fund. However, the FIR alleges that the accused diverted the money for personal benefit instead of deploying it towards the stated project goals. EFPL’s director, Nainesh Shah, in a response to the media, expressed shock at the FIR, claiming that the case had previously been investigated by EOW, which had then filed a closure report citing it as a civil dispute.
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Despite Shah’s assertion, police have registered the case under relevant sections of the Indian Penal Code, including those pertaining to cheating, forgery, and criminal breach of trust. The case revives questions around regulatory oversight in high-stakes real estate investments and the due diligence involved in such multi-crore transactions.
The investigation is currently underway.