EOW Mumbai books Ecstasy Realty for Rs 600 crore financial fraud

The Economic Offences Wing (EOW) of Mumbai Police has registered an FIR against Ecstasy Realty Private Limited — a defaulting borrower of Edelweiss Asset Reconstruction Company Limited (EARCL) — along with its key promoters and associated entities, for alleged large-scale financial fraud.

Those named in the FIR include Shobhit J. Rajan (promoter-director of Ecstasy Realty), Naresh Bajaj, Pulin Bole, Pranav Bajaj, Shivani Verma, and related companies, including Prabal Infra Agro Farms Pvt. Ltd. and Maharashtra Eco Green Pvt. Ltd.

The case follows a detailed complaint filed by Edelweiss ARC, stating that Rs 600 crore was raised by Ecstasy Realty through secured Non-Convertible Debentures (NCDs) to fund a residential project named Parthenon.

According to the FIR, registered under various sections of the IPC, including 420 and 120-B at Juhu Police Station, the borrower allegedly failed to record the transaction in official documentation and unlawfully diverted a large amount of funds to unrelated accounts. Fake utilisation certificates were reportedly submitted to justify the misuse of funds, said the source.

EOW Mumbai is actively investigating the matter to uncover the full extent of the wrongdoing and is expected to take stringent action against all parties involved, added the source.

Mithi River desilting scam: ED summons Dino Morea again for questioning in money laundering case

Similarly, the Enforcement Directorate (ED) on Wednesday issued a fresh summons to Bollywood actor Dino Morea. Dino Morea, who has been under the radar of investigation agencies related to the Mithi River Scam, was previously questioned by the ED. His statements at the ED office in Mumbai were recorded on 12 June previously.

Sources have revealed that the ED has asked Dino to appear for questioning again on 18 June.

Earlier on June 6, ED, taking cognisance of the case which was being previously handled by the Mumbai Police’s Economic Offences Wing (EOW) raided the actor’s Bandra house. The raid on Dino Morea’s house on June 6 went on for several hours before he, along with his brother Santino, was asked to present before the ED on 12 June.

Sources say that a search at Dino Morea`s was conducted under the provisions of the Prevention of Money Laundering Act (PMLA). ED officials during the raid went through the financial documents and digital transactions to gather suspected evidence regarding Dino’s involvement in the diversion of public funds.

The investigation agencies are investigating whether the Bollywood actor played any role in helping the accused to influence contractors.

The Mithi River case involves alleged irregularities and financial misconduct in the desilting of the Mithi River. The Mithi River is a key flood-control project in Mumbai that helps in maintaining industrial and residential drainage across the city.

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