Mumbai EOW Investigates Alleged ₹218 Crore Property Fraud Involving Unimark India
Mumbai: The Mumbai Economic Offences Wing (EOW) has taken over the investigation into an alleged ₹218 crore financial fraud involving properties belonging to Unimark India Ltd that had been mortgaged as security for a loan from the Industrial Finance Corporation of India (IFCI).
The case centres on allegations that properties pledged against the IFCI loan were transferred and third-party rights were created despite restrictions that were reportedly in place. Investigators are now examining the property transactions, movement of funds and the alleged roles of company directors, promoters and other entities named in the FIR.
The complaint was filed by Bridgemohan Pyarelal Rathi, a 61-year-old businessman and director of New Era Advisors Pvt. Ltd. According to the FIR, his company acquired the outstanding IFCI loan of Unimark India Ltd for around ₹9.54 crore through a Deed of Assignment executed in 2009.
Loan was secured against valuable Thane properties
According to the complaint, Unimark India Ltd, formerly known as Herdillia Unimark Ltd, had taken financial assistance from IFCI for setting up a chemical plant and carrying out other business activities.
The loan was secured against several movable and immovable assets owned by the company. These included around 1,52,419 square metres of land located at Bhonsari, Kukashet and Shiravane in the Trans-Thane Creek Industrial Area of MIDC, Thane.
The security reportedly also included the company’s plant, buildings, machinery and other assets.
The FIR states that as of July 1, 2008, the principal amount outstanding on the loan was around ₹9.69 crore, while accumulated interest had reportedly reached approximately ₹76.86 crore. Together, the outstanding amount was estimated at about ₹86.55 crore.
Alleged property deal despite restrictions
The complaint alleges that despite the properties being mortgaged and restrictions reportedly preventing the creation of third-party rights, Unimark India Ltd and its directors or promoters entered into an Agreement for Assignment involving Raheja District 3 Pvt. Ltd., also referred to as Raheja Infocity Pvt. Ltd.
According to the FIR, the agreement relating to the properties was entered into in 2008 and involved a consideration of approximately ₹184.29 crore.
The complainant has alleged that only around ₹29.62 crore was reflected as having been received by Unimark in connection with the transaction.
Rathi has further alleged that the money was subsequently used by the company’s promoters to meet unsecured liabilities and repay promoter share capital.
The allegations are now being examined by investigators, who will determine whether the transactions violated the restrictions attached to the mortgaged assets and whether funds were diverted improperly.
Machinery allegedly missing from the site
The complaint also raises questions about the condition of the property and the company’s assets.
Rathi reportedly visited the site in February 2026 and alleged that Unimark India was no longer operating from the premises. He also claimed that the company’s plant and machinery were missing.
According to the complaint, security personnel at the location told him that they did not know where the machinery had been taken.
Investigators are expected to examine records relating to the company’s assets and determine whether the machinery was sold, transferred or removed from the premises and, if so, under what circumstances.
Several individuals and companies named
The FIR names Unimark India Ltd along with its directors and promoters G.P. Goenka, Shrivardhan Goenka and Satya Prakash Gupta.
Raheja District 3 Pvt. Ltd., Ashish Suresh Raheja and several other individuals and entities have also been named in the complaint.
The allegations against the accused are yet to be established, and the investigation is ongoing.
EOW takes over investigation
The case was initially registered at Oshiwara Police Station before being transferred to the Mumbai EOW for a detailed investigation.
The EOW is now examining the entire sequence of events surrounding the mortgaged properties, including the alleged assignment agreement, ownership and transfer records, financial transactions and the movement of money received through the property deal.
Investigators are also looking into the roles allegedly played by the company’s directors, promoters and other entities involved in the transactions.
A key part of the probe will be determining whether third-party rights were created over properties that had already been pledged as security to IFCI and whether the transactions resulted in a financial loss of the scale alleged in the complaint.
The EOW is also expected to examine whether other people or companies were involved in the alleged transactions and whether the missing plant and machinery are connected to the case.
The investigation remains underway, and further details are expected to emerge as officials examine financial records, property documents and other evidence connected to the alleged ₹218 crore fraud.
News source: Information for this article was gathered from a variety of reliable news outlets.
