Retired PI’s son arrested for land fraud in ₹46.95 crore investment scam

Mumbai Police's EOW arrested Manoj Shinde for allegedly defrauding Expat Projects by unlawfully selling 593 acres of land in a ₹46.95 crore scam.

MUMBAI: The Economic Offences Wing (EOW) of the Mumbai Police has arrested Manoj Motiram Shinde, 50, the son of retired police inspector Motiram Shinde, for allegedly defrauding an investment firm by illicitly selling its land to third parties without authorisation.

Retired PI’s son arrested for land fraud in ₹46.95 crore investment scam

Police officials revealed that Shinde’s arrest is linked to an ongoing investigation into a ₹46.95 crore land scam involving Expat Projects and Development Private Limited, a Bengaluru-based property investment firm. The firm accused Shinde and others of selling approximately 593 acres of company-owned land without consent.

Shinde, a resident of Kharghar, Navi Mumbai, was associated with a consulting company connected to Expat Projects. Leveraging this position of trust, he allegedly sold 10.68 acres of land in Sindhudurg district for ₹97.60 lakh in 2015, of which ₹50 lakh was deposited into his personal bank account.

“Shinde was aware that he was prohibited from creating third-party rights or selling the land, as the payment for it was made by the investment firm. Despite this, he executed illegal sales and even assisted other employees in similar fraudulent transactions,” an EOW officer stated.

The investigation revealed that Expat Projects had purchased land in the names of its employees and affiliated individuals to comply with the Maharashtra Agricultural Lands (Ceiling on Holdings) Act, 1961. The firm’s directors alleged that employees and related parties, including Shinde, betrayed their trust by selling company-owned land for personal gain.

In 2020, the EOW had already registered a case against Expat Projects itself, its nine directors, and top executives for allegedly duping investors out of ₹700 crore. The company had enticed clients to invest in agricultural and non-agricultural plots through monthly instalments, with promises of either land registration or full refunds with interest. While the firm initially honoured its commitments, it later defaulted, citing internal fraud by employees as the reason for its failure to deliver plots or refund payments.

The accused, including Shinde, face charges under multiple sections of the Indian Penal Code, including 406 (criminal breach of trust) 409 (breach of trust by a public servant or agent) 420 (cheating) 120(B) (criminal conspiracy) 34 (common intention).

The police have registered cases against 11 employees on whose names land was purchased. Investigations are ongoing to trace the flow of funds and identify further culprits involved in the multi-layered scam.