Ahmedabad. A cheating case has been registered in Ahmedabad after allegations surfaced of ₹11.3 crore misappropriation in a real estate partnership firm, where two managing partners have been accused of diverting company funds, manipulating records and illegally selling residential units. The matter has been handed over to the Economic Offence Wing for a detailed investigation into the flow of funds and property transactions.
Company Funds and Accounts Under Scrutiny
According to the complaint, the firm was established in 2021 with multiple partners and was involved in residential real estate development, including a housing project in the Sola area. The complainant, who holds a minority stake, alleged that the managing partners had control over financial and administrative operations and misused that authority for personal gain.
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The allegations state that between 2021 and March 2025, one managing partner transferred around ₹2.25 crore from company bank accounts into a personal account without informing other stakeholders. Further scrutiny reportedly found additional transfers worth ₹5.5 crore to individuals with no legitimate connection to the business. These transactions were allegedly shown as loans and advances in the firm’s financial records.
Nine Flats Allegedly Sold Through Irregular Transactions
Investigators also found irregularities in property transactions linked to the firm’s residential project. As per the complaint, nine flats valued at approximately ₹3.5 crore were allegedly registered in the names of one managing partner and his brother.
These units were later sold to third parties, but the proceeds were reportedly not deposited into the company’s official accounts. The complaint further alleges that official letterheads and project documents were misused to mislead potential buyers.
EOW to Trace Fund Flow and Property Records
Police have registered a case under relevant sections of the Bharatiya Nyaya Sanhita, and the probe has been transferred to the Economic Offence Wing. Officials said the investigation will focus on tracing the money trail, verifying property records and identifying the beneficiaries of the diverted funds.
Authorities are examining bank statements, property registration records and internal company documents to reconstruct the full financial trail. Other partners in the firm have been cited as witnesses, while investigators are assessing whether additional individuals helped facilitate or conceal the transactions.
No arrests have been officially confirmed so far. Officials said further action will depend on the findings of the ongoing investigation and forensic scrutiny of the financial records.
