New Delhi: A large-scale corporate fraud probe has been launched by the Delhi Police’s Economic Offences Wing (EOW) into alleged illegal share transfers, forged corporate documents and suspected money laundering involving IHHR Hospitality (Himachal) Pvt Ltd, a company formerly known as Sadar Himalayan Paradise Pvt Ltd.
The case stems from a complaint filed by Zion Universal Pvt Ltd, which has alleged that a group of directors and associated individuals conspired to unlawfully seize control of the company despite Zion holding an overwhelming majority stake. According to the complaint, Zion Universal owned 99.98% of the company’s shares until February 2025, and all key corporate decisions required its explicit consent.
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Despite this near-total ownership, the complainant has alleged that from August 2024 onwards, the accused began orchestrating a plan to dilute Zion’s shareholding through fabricated documents and unauthorised corporate actions.
The EOW FIR names multiple accused, including Dhairya Chaudhary, Sumant Kapoor, Rajesh Rohitbhai Mehta, Prakash Lal Kapoor, Sanjeev Trehan, Mamta Panwar, Navjot Mehta, Ashok Khanna, Ghanshyam Seth, Manpreet Kaur Takkar and Dilip Chinubhai Choksi, among others. The complaint alleges criminal conspiracy, cheating and forgery.
According to the complaint, forged records were allegedly created to show that extraordinary general meetings and board meetings were held on December 3, 2024, and February 13, 2025. However, Zion Universal has stated that neither it nor its authorised representatives were present at these meetings, raising strong suspicions that the proceedings were entirely fabricated.
Investigators have been told that these purported meetings were used to push through critical resolutions without the knowledge or consent of the majority shareholder. One of the most significant alleged outcomes was a sharp increase in the company’s authorised share capital — from ₹80 crore to ₹170 crore.
Following this increase, over 8.7 crore shares were allegedly allotted to IHRR Hospitality Pvt Ltd, a move that drastically altered the ownership structure. As a result, Zion Universal’s stake reportedly fell from 99.98% to 47.67%, while IHRR Hospitality’s holding rose to 52.34%, effectively handing control of the company to the new entity.
The complaint further alleges that in December 2024, forged documents were used to create an “interest-free loan” agreement. This loan was allegedly structured in a manner that allowed it to be converted into equity without proper authorisation, forming a key part of the strategy to dilute the original shareholder’s control.
Investigators are also examining allegations that these transactions involved financial irregularities running into crores of rupees, with potential laundering of funds through layered corporate structures. The scale and complexity of the transactions have prompted the EOW to examine bank records, share allotment documents, filings with regulatory authorities and internal corporate communications.
The FIR has been registered under sections dealing with criminal conspiracy, cheating and forgery, and the probe is currently focused on establishing the authenticity of corporate records, tracing the flow of funds and identifying the beneficiaries of the alleged illegal share transfer.
Sources familiar with the investigation indicated that the matter could be referred to the Enforcement Directorate (ED) if evidence of money laundering is established during the course of the probe. The involvement of multiple entities and a sharp shift in ownership despite near-total shareholding by one firm has raised serious red flags for investigators.
The case highlights growing concerns around corporate governance abuses, particularly in closely held companies where forged resolutions and manipulated filings can be used to bypass shareholder safeguards.
As the investigation progresses, authorities are expected to question the named accused, examine digital and financial trails, and determine whether regulatory filings were falsified to legitimise the alleged takeover. The outcome of the probe could have significant implications for corporate compliance enforcement and shareholder protection in India.
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.
