3 weeks ago
Mumbai EOW Probes ₹218 Crore Fraud on Unimark Mortgaged Properties
Some grown-ups had a big disagreement about money.
A company called Unimark India borrowed money from a bank called IFCI to build a chemical factory.
To get the loan, the company promised that its land and machines would serve as a safety guarantee.
Later, another company bought the right to the money that was owed.
The person who bought that right says Unimark India secretly made a deal to sell property rights to another company, even though a court said it could not.
He says the company received a lot of money from that deal but did not use it to repay the loan.
When he visited the factory, the machines had vanished and no one knew where they were.
The police in Mumbai, including a special fraud team, are now investigating.
They want to find out what really happened and who is responsible.
The Mumbai Economic Offences Wing is investigating an alleged ₹218 crore fraud involving the sale and creation of third-party rights over Unimark India properties mortgaged against an IFCI loan.
Businessman Bridgemohan Pyarelal Rathi, director of New Era Advisors Pvt. Ltd., filed the complaint; his firm acquired the outstanding IFCI loan of ₹9.54 crore through a Deed of Assignment in 2009.
Unimark India Ltd (formerly Herdillia Unimark Ltd) owed IFCI approximately ₹86.55 crore as of July 1, 2008, secured by about 1,52,419 square metres of land in MIDC Thane along with plant, buildings and machinery.
Unimark allegedly entered an Agreement for Assignment with Raheja District 3 Pvt. Ltd. in 2008 worth approximately ₹184.29 crore, despite court orders restricting third-party rights on the mortgaged property.
Rathi found the company no longer operating and its plant and machinery missing during a visit in February 2026; accused include directors G.P. Goenka, Shrivardhan Goenka, Satya Prakash Gupta and Ashish Suresh Raheja.
- Who
- The Mumbai Economic Offences Wing is investigating a complaint filed by businessman Bridgemohan Pyarelal Rathi against Unimark India Ltd, its directors/promoters G.P. Goenka, Shrivardhan Goenka and Satya Prakash Gupta, Raheja District 3 Pvt. Ltd., Ashish Suresh Raheja and others.
- What
- An alleged ₹218 crore fraud involving the sale and creation of third-party rights over Unimark India properties that were mortgaged as security against a loan from the Industrial Finance Corporation of India.
- Where
- Mumbai, with the mortgaged land located in the Trans-Thane Creek Industrial Area, MIDC, Thane.
- When
- The FIR was initially registered at Oshiwara Police Station (specific date not stated); the disputed transactions occurred in 2008-2009 and the complainant found the property vacant in February 2026.
- Why
- The complainant alleges the mortgaged properties were sold and third-party rights created despite court restrictions, with proceeds allegedly used for promoters' unsecured liabilities and share capital repayment instead of repaying the loan.
Key facts
- Alleged fraud amount
- ₹218 crore
- Loan assigned to complainant's firm
- ₹9.54 crore (Deed of Assignment, 2009)
- Total outstanding as of July 1, 2008
- ≈₹86.55 crore (principal ₹9.69 crore + interest ₹76.86 crore)
- Mortgaged property
- ≈1,52,419 sq m at Bhonsari, Kukashet and Shiravane, Trans-Thane Creek Industrial Area, MIDC, Thane
- Assignment agreement value (2008)
- ≈₹184.29 crore with Raheja District 3 Pvt. Ltd.
- Amount received per balance sheet
- ≈₹29.62 crore
- Complainant
- Bridgemohan Pyarelal Rathi, director, New Era Advisors Pvt. Ltd.
- Company's former name
- Herdillia Unimark Ltd
