Hello Mumbai City Desk
A massive real estate fraud has come to light in Mumbai’s Chembur area in this Connection Mumbai Economic offences Wing have filed an FIR against the directors of HRUB Realtors and HRUB Infra Projects for a 3 Crore scam involving the alleged siphoning of 98 lakhs in investment and illegal diversion of SRA redevelopment projects iMumbai.Mumbai police booked 4 accused from the same Ahvad Family unde BNS Section for cheating and Beach of Trust.
According to the FIR Copy which is available with ‘Hello Mumbai News ‘ Accused identified as – Bastiram Avhad, Urmila Avhad, Hitesh Avhad, Ruchita Avhad and others the Directors and Management of M/s HRUB Realtors pvt Ltd &
M/s HRUB Infra Projects Pvt Ltd.
This FIR filed by Nitin Kantilal Gandhi a senior Construction business professional residing at Chembur.
The investigation targets high-profile directors of multiple realty infrastructure firms for allegedly executing a systematic siphoning of funds, operational misrepresentation, and a breach of corporate trust spanning more than a decade.
Brief Background of the Case:
The Dispute originated in 2012 Basti ram Awhad proposed a joint investment venture offer to the Complainant Nitin Kantilal Gandhi through M/s HRUB Realtors Pvt. Ltd. and M/s Gharandaj Builders to undertake four high-yield Slum Rehabilitation Authority (SRA) cluster redevelopment projects across strategic locations in Mumbai:
* Indira Nagar (Chembur)
* Ayodhya Nagar (Chembur)
* Chembur Ekta (Chembur)
* Kolshewadi (Mahim)
The Investment Terms & Condition Details:
Induced by assurances of a secure partnership, Gandhi agreed to supply crucial financial liquidity to steady the corporate cash flow. The mutually agreed terms included:
A definitive 11% equity shareholding in M/s HRUB Realtors Pvt. Ltd. transferred via a formal allotment of 1,000 corporate equity shares (Certificate No. 5, Share Folio No. 3, Distinctive Numbers 74001 to 75000).
An annual guaranteed interest payout evaluated at 18% per annum on the capital advanced.
A direct appointment as an Additional Director on the board of the firm.
Allocation of an 11% commercial sales area across the portfolio of the four active SRA projects.
Relying on these representations, Gandhi infused ₹98 Lakhs directly into the banking channels of the company. The funds were routed into an account opened at the The Bharat Co-operative Bank on the explicit direction of the accused promoters.
Unmasking the Corporate Siphoning
The fraudulent structure began unraveling around 2016. Due to serious non-compliances and financial irregularities committed by the operating partners at Gharandaj Builders, the Slum Rehabilitation Authority blacklisted the project partner, causing operations across all four sites to grind to a complete halt.
Subsequent internal audits and inquiries conducted by the complainant exposed a deep layer of corporate malfeasance:
Unauthorized Project Transfer:
Without the statutory knowledge, consent, or resolution approval from Gandhi (who held an 11% stakeholder block), the core SRA projects were clandestinely transferred to a secondary shell entity—M/s HRUB Infra Projects Pvt. Ltd.
Fabricated Profit Allocation: Financial records were allegedly manipulated to reflect that all accrued profits and underlying assets from the multi-acre development schemes were trapped within the low-cash-flow infrastructure entity, while the primary cash flows were diverted elsewhere.
Capital Misappropriation: The original ₹98 Lakhs core principal capital, which was formally recorded in the corporate registry books as an “inter-corporate loan balance,” was completely siphoned out under the guise of dummy commercial transactions, leaving the primary firm asset-stripped.
The complainant Nitin Kantilal Gandhi Claims that the cumulative financial damages, unpaid equity returns, and embezzled corporate funds total approximately ₹3 Crores
In a Telephonic Interview with Hello Mumbai News, Investigating Officer Rajesh Jagdale from Economic offences Wing confirmed that a First Information Report (FIR) has been registered against four directors of HRUB Realtors and three other individuals. The action was initiated following a prima facie investigation into a complaint filed by Nitin Kantilal Gandhi, who also provided supporting evidence. The accused—identified as Bastiram Avhad, Urmila Avhad, Hitesh Avhad, and Ruchita Avhad—have been booked under Sections 316(5), , 318(4), and 61(2) of the Bharatiya Nyaya Sanhita (BNS) for cheating, Dishonesty of property delivery breach of trust, and criminal conspiracy. The case has now been officially transferred to the Chembur Police Station for further investigation.
Picture From Google Search.
Speaking to Hello Mumbai News over the phone, Senior Police Inspector Rajesh Prabhakar Kewale confirmed that the Chembur police have taken over the case files from the Mumbai Police Economic Offences Wing (EOW). He stated that an investigating officer has already been assigned to the case and that the department will soon issue formal summons to all named accused to record their statements as part of the ongoing probe.
