Mumbai, March 2026 – Mumbai’s law enforcement agencies have registered multiple FIRs against real estate developers and construction firm directors in the final weeks of March 2026, targeting a pattern of investor fraud that shares common elements: fake project promises, forged documents, diverted funds, and failure to honour returns. The Mahim Police have registered a case of alleged cheating worth ₹2.52 crore against two directors of Siddhitek Developers Pvt. Ltd. and Siddhitek Homes Pvt. Ltd. for allegedly luring investors with false promises of flats in upcoming housing projects. The accused, Hemant Mohan Agarwal and Neha Hemant Agarwal, were booked following a complaint by 70-year-old businessman Ashok Satramdas Bhagiya. The fraud came to light in June 2025 when Bhagiya learned that the same flat had been sold to other buyers confirming suspicions of being cheated.
In a separate and larger case, a father-son real estate duo and their firm Ranbir Real Estate & Developers have been booked by Andheri Police for allegedly cheating nearly 18 investors of ₹31.26 crore by promising 18% annual returns on investments in a Jogeshwari East redevelopment project. The company paid interest from 2021 until September 2024, after which payments abruptly stopped and the directors allegedly began avoiding repayment of the principal amount as well.
The Playbook: High Returns, Legitimate-Looking Agreements, Disappearing Funds
These cases follow a well-documented fraud pattern in Mumbai’s redevelopment sector. In earlier cases, the Economic Offences Wing arrested construction firm partners who manipulated documents and presented falsified information to buyers, including fake Commencement Certificates. During RERA hearings, it came to light that the accused not only provided fake CCs but also missed project completion deadlines, having collected substantial sums from buyers. Aggrieved buyers who collectively claimed losses amounting to ₹11.51 crore sought justice through RERA and BMC complaints.
The common thread across these cases: developers collect funds under the promise of high fixed returns, maintain interest payments long enough to establish credibility, and then default – leaving investors with no tangible asset security and protracted legal proceedings as their only recourse.
