CBI arrests Mumbai developer for defrauding State Bank of India worth Rs 280 crore

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In connection with a fraud case involving the alleged misappropriation of Rs 280 crore from a prominent public sector bank, the Central Bureau of Investigation (CBI) has apprehended a prominent Mumbai developer. The accused, identified as Harresh Mehta from Rohan Lifespaces Ltd in South Mumbai, was captured by the Economic Offences Wing (EOW) of the CBI.

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The CBI’s EOW Mumbai unit initiated the case based on a complaint filed by the Thane branch of the bank against the directors of RRL Vijay Gupta and Ajay Gupta. According to the FIR filed by the CBI, the investigation commenced in 2016 following a complaint against the directors of a company named Rajput Retail Ltd (RRL).

The complaint alleged that the directors of RRL, in collusion with unidentified government officials, conspired to secure three loans from the State Bank of India (SBI) and deceitfully defrauded the bank of Rs 280 crore. The accused individuals purportedly utilized forged documents to carry out the fraud.

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In July 2018, the CBI filed a chargesheet in the case. Subsequently, the investigation led to the involvement of Harresh Mehta from Rohan Lifespaces Ltd and Rohan Constructions Ltd.

The probe agency conducted searches at the residences and offices of Mehta and Ruby Mills Ltd. The investigation revealed that loans amounting to a total of Rs 149 crore were sanctioned for the acquisition of three floors in The Ruby building, along with an additional short-term loan of Rs 16 crore to RRL in November 2011. The entire loan amount of Rs 155 crore was credited to the accounts held by Ruby Mills Ltd in February 2012.

During the proceedings opposing the extension of Mehta’s custody, his lawyers contended that he had fully cooperated with the agency and emphasized that the investigation was related to a case registered in 2016. The defense also asserted that Mehta was not involved in any forgery, document fabrication, or fraudulent activities, asserting that his arrest by the CBI was unlawful.

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