Mumbai: Special MPID Court Allows Former Kuber Director To Buy ₹58-Crore Properties Attached For 26 Years

Mumbai, September 19, 2026 - The special MPID court permitted Mukesh Sharma, the former director of Kuber Mutual Benefits Ltd, to acquire four properties that had been seized by the Economic Offences Wing (EOW) in 2000 for a total sum of Rs 58 crore. These properties remained under attachment for an extended period of 26 years, even following Mukesh Sharma's acquittal on charges of cheating investors in 2023.

The court's decision to grant Mukesh Sharma's plea stated that any proceeds from the sale of the properties would be deposited with the appropriate authority to subsequently settle investors' dues. The three properties in question - a plot in Sector 10, Vashi, one in Sector 15, CBD Belapur, and another in Sector 4 - remained unsold for more than two decades.

Mukesh Sharma, aged 72, sought permission to purchase these properties along with Praduman Kumar Sharma, the chairman of Kuber Mutual Benefits Ltd, and nine other companies involved in the EOW case that accused the companies of cheating 2,000 investors. Kumar Sharma passed away during the trial, while Mukesh Sharma was found not guilty in 2023.

The court rejected the request from CIDCO, the Corporation for the Development of Chennai Metropolitan Area, arguing that Mukesh Sharma was not entitled to the requested relief, despite making an attractive offer. CIDCO also claimed that Mukesh Sharma was obligated to pay lease rent from the date of attachment until 2019, totalling Rs 150 crore.

The court emphasized that while the property remained under attachment, the statute's purpose was not solely to protect the asset, but rather to ensure the protection of depositors. The court ordered Mukesh Sharma to comply with all necessary legal requirements and pay any dues determined by CIDCO under the relevant lease, rules, regulations, circulars, policies, and laws.