The Economic Offences Wing (EOW) of Chandigarh Police has registered a case of cheating and criminal breach of trust following a complaint by Essix Biosciences Limited, alleging a ₹68-crore fraud related to a proposed real estate project in Mumbai.
According to the complaint filed by Gagan Aggarwal, the authorised representative of the Chandigarh-based firm, the company planned to expand its operations to Mumbai in 2023. During this time, the company was allegedly approached by a group of Mumbai-based individuals who claimed to own and control various finance companies, and proposed a joint real estate development venture.
The complainant said that, based on the representations made by the accused, a joint development agreement was executed on March 6, 2024, for a property located in Andheri East, Mumbai. The accused allegedly claimed ownership of the property and assured the company they were ready to begin development. They further assured that an interest-free security deposit to be paid by the company would be held in trust and used exclusively for the project.
Relying on these assurances, Essix Biosciences Limited transferred ₹68 crore in March 2024 from its HDFC Bank account in Chandigarh to the personal bank account of one of the accused. However, police said that no development activity was initiated at the site. Instead, the entire amount was allegedly siphoned off and diverted to entities controlled by the accused and their family members.
{{/usCountry}}Relying on these assurances, Essix Biosciences Limited transferred ₹68 crore in March 2024 from its HDFC Bank account in Chandigarh to the personal bank account of one of the accused. However, police said that no development activity was initiated at the site. Instead, the entire amount was allegedly siphoned off and diverted to entities controlled by the accused and their family members.
{{/usCountry}}Police officials said that a case has been registered and a detailed investigation is underway to trace the money trail and ascertain the role of each individual involved. Bank statements, transaction records, and contractual documents related to the agreement are being examined as part of the probe. Further action will be taken based on the investigation’s findings, police added.