Mumbai: Mumbai Police have registered an FIR against businessman Ashish Suresh Raheja and five others in connection with the alleged illegal transfer of land and properties worth around ₹218 crore in Navi Mumbai’s MIDC area. The properties were reportedly already mortgaged with financial institutions. The complaint alleges that third-party rights were created over the properties despite a High Court restraint, while ₹29.62 crore was allegedly obtained through the disputed transactions.
The case has been registered at Oshiwara Police Station. The complainant, 61-year-old businessman Brijmohan Pyarelal Rathi, has alleged that the properties involved had already been mortgaged with financial institutions as security against loans. Despite this, the accused allegedly took steps to create third-party rights over the properties and facilitate their transfer.
Loan Taken From Financial Institutions in 1992
According to the FIR, Unimars India Limited had obtained loans from IFCI and other financial institutions in 1992. The company issued debentures against the loans, with ICICI Bank acting as the debenture trustee.
To secure the loans, the company had mortgaged its property located on Plot No. 2/2 in the Trans-Thane Creek Industrial Area (TTC), MIDC. The property subsequently became the centre of a dispute over its alleged transfer and the creation of third-party rights.
According to the complaint, the company later allegedly defaulted on repayment of the loans. Legal proceedings were subsequently initiated for recovery of the outstanding amount. The alleged transactions involving the mortgaged property came to light during the dispute.
Alleged Creation of Rights Despite High Court Restraint
Following the alleged loan default, ICICI Bank filed Suit No. 771/2002 before the Bombay High Court for recovery of the outstanding amount. According to the complaint, during the proceedings, the High Court issued an injunction restraining the creation of third-party rights over the mortgaged properties.
The complainant has alleged that despite the judicial restraint, steps were allegedly taken in relation to the properties that resulted in the creation of third-party rights. It has further been alleged that ₹29.62 crore was obtained through the disputed process.
Police are now investigating how the alleged transactions were carried out and determining the role of each accused named in the FIR.
₹218 Crore Property at the Centre of Dispute
The case centres on land and properties in Navi Mumbai’s MIDC area, valued at around ₹218 crore. According to the complaint, the properties were already mortgaged with financial institutions. This has raised questions over the legality of creating new rights or transferring interests in the properties.
Investigators are examining property documents, company records, loan and mortgage documents and details of the alleged transactions. Police are also looking into the basis on which third-party rights were allegedly created and whether the required legal procedures and permissions were followed.
Six Accused and Companies Named in FIR
The FIR names Unimars India Limited, businessman G.P. Goenka, Shrivardhan Goenka, director Satya Prakash Gupta, Raheja District-3 Private Limited and its director Ashish Suresh Raheja as accused.
Police are examining the alleged roles of the accused, agreements between the companies and documents connected with the disputed properties. The case has been registered under provisions relating to alleged cheating and the joint role of the accused.
₹29.62 Crore Transaction Under Investigation
A key aspect of the investigation is the alleged ₹29.62 crore transaction. Police are trying to determine how the amount was obtained, which accounts received the money and whether other individuals or entities were involved.
Investigators are also examining records relating to the ownership, mortgage and alleged transfer of the properties valued at around ₹218 crore.
The case is currently under investigation following registration of the FIR. The allegations and the individual roles of the accused will be established through the investigation and subsequent legal proceedings.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
