Ahmedabad: A major alleged property fraud case involving more than ₹2.42 crore has surfaced in Gujarat’s Ahmedabad, where a city-based businessman has accused several individuals of cheating him in a high-value theatre property transaction.
Following the complaint, the Economic Crime Prevention Branch of CID Crime has registered a case and initiated an investigation into the financial dealings linked to the disputed sale of prominent theatre properties in the city.
Failed Agreements and Multi-Phase Cash Transcripts
According to the complaint, the accused allegedly accepted large sums of money by promising to sell the Amrapali Theatre and Apsara-Aradhana Theatre properties, but later failed to execute the sale deed or refund the amount. The matter is now being examined as a suspected case of criminal conspiracy, breach of trust, and financial fraud.
The complaint was filed by Ahmedabad businessman Bhaveshbhai Chinubhai Jani, who is said to be the director of Ruchi Nirman Private Limited and a partner in Ruchi Developers. In his statement, Jani alleged that in 2016, several persons approached him with an offer to sell the two cinema properties located in the city. The accused reportedly claimed they were the lawful owners of the properties and proposed a deal worth nearly ₹12 crore.
Trusting the assurances given during negotiations, the complainant allegedly made substantial payments over multiple stages of the transaction. The FIR states that nearly ₹72 lakh was paid in cash, while approximately ₹1.70 crore was transferred through bank cheques. Altogether, ₹2.42 crore was allegedly handed over as advance consideration and security deposit for the proposed property deal.
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Banking Record Reviews and Dishonoured Cheques
The complaint further mentions multiple financial transactions made between 2011 and 2016 from the accounts of Ruchi Nirman Private Limited and Ruchi Developers to the accused parties. Investigators are now reviewing these banking records and supporting documents as part of the financial probe.
According to the businessman, the accused later backed out of the agreement, claiming that other stakeholders and partners were unwilling to proceed with the transaction. The complainant alleged that after repeated demands for repayment, several cheques were issued in 2019 to return the money. However, all the cheques were allegedly dishonoured due to insufficient funds.
Jani further claimed that despite written assurances and repeated promises to repay the amount along with interest, the accused failed to return the money for years. He also alleged that the disputed theatre property was eventually sold in 2023 through a registered sale deed to another partnership firm, despite his objections and pending financial claims related to the deal.
Registered FIR Names and Intimidation Accusations
The complaint also includes allegations of verbal abuse and threats when the businessman again demanded repayment of the amount. Among those named in the FIR are Virendrabhai Kanaiyalal Shah, Manubhai Kanaiyalal Shah, the legal heirs of late Jitendrabhai Shah, Bindesh Manubhai Shah, and Mohammad Farooq A. Sheikh associated with M R Associates Partnership Firm.
Officials from the Economic Crime Prevention Branch are now conducting a detailed examination of bank transactions, property documents, cheque records, and other financial evidence connected to the case. Investigators are also trying to determine whether similar complaints involving other investors or businesspersons may be linked to the same network.
Professional Due Diligence and Real Estate Risk Mitigation
Renowned cyber crime expert and former IPS officer Prof. Triveni Singh said that financial frauds in large property transactions have become increasingly sophisticated and structured in recent years. According to him, many such cases involve false assurances, delayed registrations, bounced cheques, and layered financial transactions designed to trap investors and create prolonged legal complications.
He advised buyers and investors to conduct independent legal verification of ownership records, title documents, banking transactions, and agreements before entering into high-value property deals. Experts believe that due diligence and financial transparency are critical safeguards against organised real-estate fraud.
Police are currently recording statements of all parties involved and cross-verifying the financial documents linked to the disputed transaction. Officials indicated that if preliminary findings confirm elements of criminal conspiracy or financial misappropriation, the investigation could expand further and additional individuals may also come under scrutiny.
