MUMBAI: The Economic Offences Wing of Mumbai police have submitted a voluminous chargesheet against the three partners of Sunshine Developers who took a construction loan of about Rs 90 crore from LIC Housing Finance Limited in 2017 for the two projects in Bhandup. However, investigators found that of Rs 90 crores, Rs 18.22 crore was allegedly diverted into other companies and personal accounts and misused in violation of loan conditions. Due to the diversion of funds, construction work at the project stopped in 2019 and the company later went bankrupt, causing financial losses to the complainant and the lender. The EOW has filed chargesheet against Pankaj Bhuta, Kashyap Mehta and Atul Bharani under the IPC sections 420 of cheating and 406 of forgery. Police informed the court that when the officials went to serve notices to these three accused for their appearance at the time of filing the chargesheet, none of them were available and one of the accused’s wives refused to even accept the notice. The case pertains to an FIR lodged by complainant Pratik Vira, a construction and finance entrepreneur who alleged that he was deceived into investing ₹150 crore from his group into the Sunshine Group and was later defrauded through forged documents and unauthorised loans amounting to ₹250 crore.Vira and his father, Jayesh Vira, began investing in Sunshine Group in 2006 after being promised high returns and a business partnership. Over time, he became a shareholder and director in multiple companies within the group but claims he had no control over financial decisions. Vira further said that Sunshine Group secured loans from financial institutions like ICICI Prudential and LIC Housing Finance Ltd (LICHFL) under fraudulent pretences. Vira alleges that a ₹25 crore loan was taken in his name without his consent in 2015, and another ₹55 crore loan was secured in 2016. Further, in 2017, a ₹90 crore construction loan from LICHFL meant for the Samruddhi Garden project in Bhandup was taken, with ₹18.22 crore allegedly siphoned off to other entities.Tensions between Vira and Sunshine Group escalated when he began questioning financial irregularities. He was subsequently removed from company operations, and legal battles ensued in the National Company Law Tribunal (NCLT), the National Company Law Appellate Tribunal (NCLAT), and the Supreme Court.According to the EOW chargesheet, the accused — Kashyap Mehta, Atul Bharani and Pankaj Bhuta — had taken a construction loan of about Rs 90 crore from LIC Housing Finance Limited in 2017 through Sunshine Housing Pvt. Ltd. for the two projects. However, investigators found that out of Rs 19.62 crore disbursed from the loan, Rs 18.22 crore was allegedly diverted and misused in violation of loan conditions.However, the chargesheet states the investigation revealed that large amounts were transferred from Sunshine Housing Pvt. Ltd. to Mayurpankh Properties Pvt. Ltd. and other companies in multiple transactions between October and November 2017. These funds were not used for construction but were diverted to other companies and personal accounts of the accused.The EOW also found that part of the diverted funds was used to purchase flats in the Samruddhi Garden project in the names of the accused. Police have sealed these flats belonging to the accused. Due to the diversion of funds, construction work at the project stopped in 2019 and the company later went bankrupt, causing financial losses to the complainant and the lender.The chargesheet states that the accused violated loan agreement conditions, diverted project funds without permission from the lender and misappropriated company funds for personal gain. Police said notices were issued to the accused to appear in court at the time of filing of the chargesheet, but some of them did not respond to the notices.
