Over 500 Crore Fraud Leaves Hundreds of Investors in Limbo

No Final Action Even After Three Years of Notification

Unmesh Gujarathi
Sprouts Exclusive

Mumbai’s trusted English newspaper Sprouts has always stood firm for investors’ rights. Its Special Investigation Team (SIT) has uncovered several major scams, including this massive fraud.

A controversial property investment 3 partnership firm in Mumbai defrauded hundreds of financial investors and flat and shop buyers of more than ₹500 crore. An FIR was filed in 2015 at Khar Police Station, and a notification to seize the few assets of the firms and accused was issued in September 2021. However, no final action has been taken to date, leaving investors empty-handed. Documents obtained by Sprouts SIT under the Right to Information (RTI) Act reveal shocking details.

The Athena Investment, Cosmo Investment and Gold Star realtors partners, Prakash Rasiklal Masalia, his wife Dina Prakash Masalia, son Amit Prakash Masalia, daughter-in-law Payal Amit Masalia, and son-in-law Mayank Hemant Doshi, established three partnership firm Athena Investment, Cosmo Investment and Gold star realtors These firms, involved in the so-called construction sector, having done hardly any projects in the past, lured investors by promising attractive returns. From 2011 to 2015, they collected large sums in cash and cheques but failed to provide any returns.

Police and administration Inaction

Many victims approached Khar Police Station in Mumbai in 2015, and an initial 4 complainants were settled immediately via court and 18 investors were settled via unlawful action of office buyers with malafide intentions. These 18 investors were without the knowledge of the court or as per the MPID Act. Initially reluctant, the police finally filed an FIR on April 15, 2015, under IPC Sections 406 (criminal breach of trust), 420 (cheating), and 34 (common intention), and a charge sheet was filed on 22 July 2017 containing 27 names. Still, surprisingly, out of 27 investors, 3 remain to be paid as per this article, and many more investor victims filed their complaints with EOW after 2017; the total number of investors is 42, and the amount is around 22 crore.

Once the state government issues public notice as on this article & many more investor victims filed their complaints with EOW after 2017 and total number of investors are 42 and amount is around 22 crore, once the state government issues public notice as per the MPID Act and rules many more financial investors & flat & shop buyers will come & amount may range between 100 to 200 crore, MahaRERA order has been passed for the purchaser of flats in 4 plots and Boiser in Gold Star Realtors. However, all accused were granted anticipatory bail on June 24, 2015.

On September 13, 2021, under the Maharashtra Protection of Interests of Depositors (MPID) Act, authorities issued a notification to seize movable assets like shares (worth 100 cr at that time, now worth approximately 8 crore) and one immovable property at Borivali valuing around 3 cr, including 34 bank accounts having peanut or nil balance. The accused had sold off office premises for 2.75 crore and residence for 7.55 crore just around the time of the FIR with malafide intentions.

Despite this attachment in September 2021, the Economic Offences Wing (EOW) and the competent authority, a deputy collector, failed to finalize the action of making it absolute under the MPID act. This negligence on the part of the administration allowed the accused to continue business transactions with third parties.

The accused siphoned off crores of rupees from the accused firm to themselves in individual names and to others as temporary loans.

A ₹500 Crore Scam in Disguise

While the EOW’s report acknowledges fraud worth ₹22.48 crore involving 42 investors, Sprouts SIT has learned that the actual number of victims exceeds 300, including flat buyers and financial creditors, with the total amount surpassing ₹500 crore.

Accusations of Mismanagement by Investigation Officials & Competent Authority under the MPID Act:

Despite registering cases against seven accused, i.e., 5 individuals & 2 firms, and one more accused firm, namely Gold Star Realtors, in April 2015 at Khar, they remain free on anticipatory bail. Sources allege that officers from Khar police station, senior officers from the EOW, competent authorities, and forensic auditors have colluded to “manage” the scam, preventing justice. The forensic auditor was appointed in 2022, but the court has not been provided the forensic audit report by EOW till this date and hence, as remarked by the Honorable MPID Court in their Miscellaneous Application 1686/2021.

Forensic auditors report still not submitted in the court

The forensic report on the scam has yet to be submitted to the court. Additionally, two financial establishments, Athena Investment and Cosmo Investment, of the seven accused have not disclosed their assets to the judiciary through an affidavit despite an MPID court order in August 2024. Five individuals have submitted 56 bank account numbers without disclosing the balance and loans and advances of around Rs 27 crore, which still need to be attached and notified by the EOW and home department. There is a statement by one of the victims to EOW in 2019 about the sniffing of 77 crores by way of loans and advances by the accused firm to friends, family, and the partners of the firms themselves; however, no action till date has been taken to trace & attach this fund even after repeated reminders by the victim to all authorities.

MPID session court in miscellaneous applications 1685 and 1686 and the High Court in Writ Petition have issued strict directions to the EOW and Home departments to do the needful and submit the report to MPID Court and High Court by the end of January 2025.

Investors and victims have been awaiting miracles and justice for the last 10 years. More miscellaneous applications are still awaiting a hearing at MPID Court.

Senior Citizens Bear the Brunt

Most victims are senior citizens, whose families have suffered immense financial and emotional losses. Some investors, speaking to Sprouts, expressed hope that the corrupt officials and accused would eventually face the consequences of their actions and that the judiciary will gift justice to them and keep the true spirit of Maharashtra Protection of Investors Deposit Act 1999 and its preamble alive

This mega scam highlights the urgent need for accountability and swift action by the home department and action by the chief minister to safeguard investors’ interests, restore faith in the system, and keep the spirit of the Maharashtra Protection of Depositors Interest Act 1999 alive. It seems the Maharashtra Protection of Interest of Depositors (In Financial Establishment) Act 1999 has become the Maharashtra Protection of Interest of Defaulters (in Financial Establishment) Act 1999, with the blessing of the vested interest.

Unmesh Gujarathi
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शेकडो गुंतवणूकदारांना ५०० कोटी रुपयांहून अधिक रकमेचा चुना

अधिसूचना काढल्याच्या तीन वर्षांनंतरही अंतिम कारवाईच नाही

‘स्प्राऊट्स’ या मुंबईतील अत्यंत विश्वासार्ह इंग्रजी न्यूजपेपरने गुंतवणूकदारांच्या हितासाठी कायमच खंबीर भूमिका घेतलेली आहे. ‘स्प्राऊट्स’च्या स्पेशल इन्व्हेस्टीगेशन टीमने (SIT) आतापर्यंत अनेक महाघोटाळे उघडकीस आणलेले आहेत. त्यापैकीच हा एक महाघोटाळा…

उन्मेष गुजराथी
स्प्राऊट्स Exclusive

मुंबईतील वादग्रस्त प्रॉपर्टी इन्व्हेस्टमेंट कंपनीने शेकडो गुंतवणूकदारांची ५०० कोटी रुपयांहून अधिक रुपयांची फसवणूक केली. त्याबाबत २०१५ साली एफआयआर झाला. त्यानंतर कंपनीच्या प्रॉपर्टीवर टाच आणण्याची अधिसूचनाही काढण्यात आली. मात्र अद्यापही अंतिम कारवाईच झाली नसल्यामुळे गुंतवणूकदारांना फुटकी कवडीही मिळेलेली नाही, अशी माहिती ‘स्प्राऊट्स’च्या स्पेशल इन्व्हेस्टीगेशन टीमला (SIT) माहिती अधिकार कायद्यातून मिळालेल्या कागदपत्रांतून मिळालेली आहे.

प्रकाश रसिकलाल मसालिया Prakash Rasiklal Masalia असे या कंपनीच्या संचालकांचे नाव आहे. त्याची पत्नी- दिना प्रकाश मसालिया (Dina Prakash Masalia), मुलगा- अमित प्रकाश मसालिया (Amit Prakash Masalia), सून- पायल अमित मसालिया (Payal Amit Masalia), जावई- मयंक हेमंत दोशी (Mayank Hemant Doshi) या फ्रॉड कुटुंबीयांने अथेना इन्व्हेस्टमेंट (Athena Investment) व कॉस्मो इन्व्हेस्टमेंट (Cosmo Investment) या दोन कंपन्या स्थापन केल्या. या कंपन्या बांधकाम व्यवसायातील आहेत, त्यातून गुंतवणूकदारांना आकर्षक मोबदला देऊ, अशी जाहिरातबाजी केली व सन २०११ ते २०१५ या कालावधीत शेकडो गुंतवणूकदारांकडून पैसे घेतले व त्याचा कोणताही परतावा त्यांना दिलेला नाही.

फसवणूक झालेल्या काही गुंतवणूकदारांनी किमान गुंतवणूक केलेले पैसा तरी परत मिळावे, यासाठी मुंबईतील खार पोलीस स्टेशनमध्ये धाव घेतली. सुरुवातीस पोलिसांनी टाळाटाळ केली. त्यानंतर पोलिसांनी त्यांच्यावर १५ एप्रिल २०१५ रोजी भारतीय दंड संहिता (IPC) कायदा ४०६ (criminal breach of trust), ४२० (cheating), 34 (common intention) गुन्हे दाखल केले आहेत, मात्र त्याचवेळी म्हणजेच २४ जून २०१५ रोजी त्यांची जामिनावर मुक्तता झालेली आहे.

महाराष्ट्र ठेवीदार (वित्तीय संस्थांमधील) हितसंबंध संरक्षण कायदा (एमपीआयडी- MPID) कायद्याच्या कलम ४ अन्वये या कंपन्यांच्या स्थावर व जंगम मालमत्तांवर टाच आणण्याची अधिसूचना (Notification) १३ सप्टेंबर २०२१ रोजी प्रसिद्ध करण्यात आली व त्यानुसार ३४ बँक खाती/ समभाग यावर हंगामी टाच आणण्यात आणली, मात्र नंतर आर्थिक गुन्हे शाखा (EOW) व कायद्यांतर्गत असलेल्या सक्षम प्राधिकाऱ्यांनी (उपजिल्हाधिकारी) त्या कारवाईला अंतिम रूपच दिले नाही. त्यांच्या हलगर्जीपणामुळे जामिनावर असणाऱ्या आरोपींनी त्रयस्थ व्यक्ती / संस्थांबरोबर आपले व्यावसायिक व्यवहार सुरूच ठेवले आहेत, असेही फिर्यादीचे वकील अधिवक्ता सचिन म्हात्रे यांनी याचिकेद्वारे मुंबई उच्च न्यायालयात (Mumbai High Court) मांडले आहे.

५०० कोटी रुपयांहून अधिक रकमेचा महाघोटाळा

आर्थिक गुन्हे शाखेच्या (EOW) रिपोर्टनुसार या महाघोटाळ्यात ४२ गुंतवणूकदारांची २२ कोटी ४८ लाख रुपयांची फसवणूक झालेली आहे, मात्र ‘स्प्राऊट्स’च्या टीमला मिळालेल्या माहितीनुसार या घोटाळ्यात १०० हून अधिक पीडित व्यक्ती आहेत व यातील रक्कम ही ५०० कोटी रुपयांहून अधिक आहे.

महाघोटाळा ‘मॅनेज’ करण्यात सरकारी अधिकारी आघाडीवर

कंपनीच्या आठ आरोपींवर गुन्हे नोंदविण्यात आले, मात्र ते अद्यापही जामिनावर मोकाट फिरत आहेत. आर्थिक गुन्हे शाखा, कॉम्पटेटिव्ह ऍथॉरिटी, फॉरेन्सिक ऑडिटर यांचे वरिष्ठ अधिकारी व मंत्रालयातील प्रधान सचिव अनुप कुमार यांच्या संगनमतामुळे या महाघोटाळा ‘मॅनेज’ करण्यात आलेला आहे, अशी माहिती स्प्राऊट्सला त्यांच्या सूत्रांकडून मिळालेली आहे.

कोर्टातही कागदपत्रे सादर नाहीत

फॉरेन्सिक रिपोर्टही अद्याप न्यायालयात सादर करण्यात आलेला नाही, इतकेच नव्हे तर ७ पैकी २ आरोपींनी अद्याप त्यांच्या संपत्ती व देणी (assets and liabelities) यांचा तपशीलही कोर्टाला सादर केलेला नाही.

ज्येष्ठ नागरिक गुंतवणूकदारांचे तळतळाट लागणार!

बहुतांशी पीडित गुंतवणूकदार हे ज्येष्ठ नागरिक आहेत, त्यांचे व त्यांच्या कुटुंबियांचे असंख्य तळतळात हे लाचखोर अधिकारी व आरोपी यांना भोगावे लागणार आहेत, अशी प्रतिक्रियाही काही गुंतवणूकदारांनी ‘स्प्राऊट्स’शी बोलताना व्यक्त केली.