MUMBAI: The Mumbai Police have filed a charge sheet against builder Lalit Mohanlal Jain, director of M/s Safeway Project Pvt. Ltd., for allegedly duping investors of ₹16.46 crore in a high-profile redevelopment project at Malabar Hill. Investigators allege that Jain concealed the fact that the Sanjana Building property was notified as Waqf land, embroiled in prolonged litigation, while attracting investments by presenting forged documents and false assurances.
Fake Property Documents and Concealed Litigation
According to the charge sheet submitted before the 47th Court, Esplanade, Jain misrepresented the ownership of the Sanjana Building plot. Though the Maharashtra government had officially declared the land as Waqf property in 2003, Jain allegedly deleted the word “Mutawali” (trustee) from the property card to hide its legal status. He then projected the land as dispute-free, even producing MHADA redevelopment no-objection certificates and a MahaRERA registration for the project named Sanjana Heights.
By presenting a “clear title,” Jain induced investors to commit large sums to the redevelopment. The charge sheet claims he also assured the complainants that all approvals were in place and that they would profit substantially once the project was completed.
FutureCrime Summit 2026: Registrations to Open Soon for India’s Biggest Cybercrime Conference
Investor Promises and Financial Losses
Police investigations reveal that Jain entered into an agreement with investor Mahesh Goyal and his family on May 31, 2019. He allegedly promised them a 45% share in Safeway Company, 18% annual interest on their investment, and additional returns from the project’s completion cost. Furthermore, the agreement guaranteed that the investors would retain their 45% stake even after repayment.
Goyal, along with his wife Akanksha and mother Nirmala Agarwal, invested ₹4.43 crore via bank transfers and an additional ₹8.06 crore in cash, supported by receipts signed by Jain. The family also spent ₹3.96 crore on litigation expenses before the Aurangabad Waqf Tribunal, bringing the total claim to ₹16.46 crore.
However, investigators allege that Jain deliberately excluded the complainants from Waqf Tribunal proceedings while also failing to return the invested principal, the promised interest, or litigation costs.
Builder’s Defense and Forensic Probe
Jain admitted during questioning that he received ₹12.50 crore but claimed, without documentary proof, to have repaid ₹8.32 crore. He further alleged that he had signed blank papers that were later converted into binding agreements. Police have rejected these claims and have initiated forensic handwriting analysis of the disputed documents to determine their authenticity.
IPC Charges and Next Steps
Based on the findings, Jain has been charged under multiple sections of the Indian Penal Code, including 406 (criminal breach of trust), 409, 420 (cheating), 467, 468, and 471 (forgery). Police say the case reflects deliberate misrepresentation and calculated fraud to siphon investor money under the guise of a lucrative redevelopment project.
The court is expected to hear further arguments on the matter, with investigators hopeful of tracing the full money trail. Authorities also stated that such cases highlight the need for heightened vigilance in Mumbai’s redevelopment sector, where investors often face significant risks due to concealed litigations and fraudulent claims.
