Mumbai EOW Probes Alleged ₹218 Crore Fraud Over Mortgaged Unimark India Properties

The Mumbai Economic Offences Wing (EOW) is investigating a suspected ₹218 crore fraud involving the sale and creation of third-party rights over properties mortgaged to secure a loan from the Industrial Finance Corporation of India (IFCI) for Unimark India Ltd. The complaint was filed by Bridgemohan Pyarelal Rathi, a businessman and director of New Era Advisors Pvt.

Ltd. The FIR alleges that Rathi's company purchased the outstanding IFCI loan for ₹9.54 crore in 2009. Unimark India Ltd, formerly Herdillia Unimark Ltd, had taken a loan of ₹9.69 crore from IFCI in July 2008 for a chemical plant and other business activities, with a total outstanding of approximately ₹86.55 crore. This loan was secured against the company's movable and immovable properties, including land and assets in Thane MIDC Industrial Area.

Rathi claims that despite the properties being mortgaged and subject to court orders restricting third-party rights, Unimark India Ltd and its directors allegedly entered into an Agreement for Assignment with Raheja District 3 Pvt. Ltd. in 2008 for the properties, receiving around ₹184.29 crore. The FIR states that Unimark's balance sheet showed it received around ₹29.62 crore from the transaction, which was allegedly used to repay unsecured liabilities and shareholder equity.

Rathi alleges that when he visited the property in February 2026, the company's plant and machinery were missing, and security personnel had no information about their whereabouts. The accused include Unimark India Ltd, its directors Goenka, Gupta, Raheja District 3 Pvt. Ltd., Ashish Suresh Raheja, and others. The case was initially registered at Oshiwara Police Station and is now under the purview of the Mumbai EOW for further investigation.