A major case of fraud and forgery has emerged from Mumbai, where a 75-year-old doctor was allegedly cheated of ₹6.7 crore in a real estate partnership. The Economic Offences Wing (EOW), along with the Malabar Hill Police, has registered a case against two developers and taken over the investigation.
Developers Accused of Financial Irregularities and Forgery
The accused, identified as Hiten Seth and Milan Seth, are facing allegations of financial misconduct, including concealment of records and discrepancies in capital-related disclosures. Authorities suspect that crucial financial details were deliberately hidden to mislead the investor.
Partnership Formed in 2010, Irregularities Surfaced Later
According to reports, the victim had invested in multiple real estate ventures with the accused. In 2010, both parties formed a firm named Liberty Realty and Developers to undertake construction projects in Uttan and Mira-Bhayandar.
The partnership reportedly functioned for several years before irregularities came to light in 2017, when a forensic audit revealed serious discrepancies in financial records, raising red flags about the handling of funds.
₹6.7 Crore Settlement Promise Not Honoured
In an attempt to resolve the dispute, an agreement was signed on June 6, 2022. As per the terms, the accused allegedly promised to repay ₹6.7 crore within 30 months. However, the payment was never made, prompting the victim to approach the police.
Following the complaint, the case has now been transferred to the EOW for a detailed probe into the financial transactions and alleged fraud.
Investigation Underway, More Details Awaited
Officials confirmed that the matter is currently under investigation, and further action will be taken based on the findings. Authorities are also examining financial documents and transaction trails to establish the extent of the alleged fraud.
Rising Financial Fraud Cases Targeting Elderly Professionals
This case highlights a worrying trend of financial fraud targeting senior citizens, including retired professionals. In a similar incident reported recently, a 75-year-old retired government doctor in Lucknow was duped of ₹1.55 crore in a cyber fraud, where scammers posed as law enforcement officials and falsely accused the victim of involvement in illegal activities.
Need for Stronger Financial Safeguards
The Mumbai case underscores the importance of due diligence, transparent agreements, and regulatory oversight in real estate investments. Experts advise investors—especially senior citizens—to verify partnerships, conduct independent audits, and seek legal counsel before committing large funds.
