MUMBAI: Andheri businessman Pratik Vira has lodged a FIR at Matunga Police Station against real estate developers Kashyap Mehta, Atul Bharani, and others associated with the Sunshine Group, accusing them of cheating, breach of trust, and forgery.
Vira, a construction and finance entrepreneur, has alleged in the FIR that he was deceived into investing ₹150 crore on behalf of his group in the Sunshine Group and was subsequently defrauded through forged documents and unauthorised loans amounting to Rs 250 crore.
Vira and his father, Jayesh Vira, began investing in the Sunshine Group in 2006 after being promised high returns and a business partnership. Over time, he was made a shareholder and director in multiple companies within the group but claims he had no control over financial decisions.
The complaint highlights that the Sunshine Group secured loans from financial institutions such as ICICI Prudential and LIC Housing Finance Ltd. (LICHFL) under fraudulent pretences. Vira alleges that a Rs 25 crore loan was taken in his name without his consent in 2015, followed by another Rs 55 crore loan in 2016. Furthermore, in 2017, a Rs 90 crore construction loan from LICHFL, intended for the Samrudhi Garden project in Bhandup, was obtained, with Rs 18.22 crore allegedly siphoned off to other entities.
Tensions between Vira and the Sunshine Group escalated when he began questioning financial irregularities. He was subsequently excluded from company operations, leading to legal disputes in the National Company Law Tribunal (NCLT), the National Company Law Appellate Tribunal (NCLAT), and the Supreme court. A settlement agreement in 2018 granted Vira a stake in one of the Sunshine Group’s companies, which was later renamed Sivana Realty Pvt. Ltd. However, he claims that the group failed to honour their commitments, resulting in further losses amounting to Rs 38.35 crore.
The case, involving allegations of forgery, financial mismanagement, and criminal breach of trust, is now under investigation by the Matunga Police. While no arrests have been made yet, sources indicate that key figures from the Sunshine Group may soon be called in for questioning.
Vira has also approached the Bombay high court seeking legal recourse for his losses. The case is expected to have significant implications for Mumbai’s real estate sector, raising concerns about investor protection and financial transparency in large-scale construction projects.
As the investigation progresses, industry insiders are closely monitoring how law enforcement and regulatory bodies address this multi-crore dispute.
