Mumbai News: ₹68 Crore Corporate Fraud Case Filed Against Rizvi Estate & Hotels Pvt Ltd Directors

Mumbai: A ₹68 crore corporate fraud has come to light after an FIR was registered at Bandra police station on the complaint of 83-year-old builder Akhtar Hasan Rizvi, a resident of Carter Road, Bandra (West). The case has been transferred to the Economic Offences Wing (EOW) of the Mumbai Police for further investigation.

Allegation of Missing Shares

According to the FIR, Rizvi, who is the owner of shares in M/s Rizvi Estate & Hotels Pvt Ltd, alleged that he was entitled to 10,067 company shares in his name. However, on verification, it was found that only 3,583 shares were recorded.

Value of Fraudulent Transfer

The remaining 6,484 shares, valued at ₹68,07,55,160, were allegedly transferred fraudulently using forged documents.

Accused Identified

The accused have been identified as Reshma Gufran Rizvi, Meena Rizvi (Arte), Stanislaus Mark Lassardo, Ganpati Raya Hegde, Rupesh Raghunath Mahadeshwar, and Javed Hasan Rizvi.

Conspiracy Alleged

The complaint states that the accused, allegedly acting in collusion, prepared and used forged documents to transfer the shares for their own benefit, thereby cheating the complainant.

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Role of Each Accused Under Probe
The EOW has taken over the investigation to probe the alleged conspiracy, the role of each accused, and the preparation of fraudulent papers that facilitated the transfer.

EOW’s Growing Caseload

This case adds to the growing number of high-value corporate frauds currently under the scanner of Mumbai Police’s Economic Offences Wing.

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