Mumbai EOW probes Suraksha Realty promoter’s fraud allegations over JIL Deal

Mumbai: The Mumbai Police's Economic Offences Wing is probing allegations by a Suraksha Realty Ltd (SRL) director, who has accused another promoter of the company of cheating, forgery and criminal conspiracy in pursuing a deal to acquire JIL.

Suraksha Realty acquired JIL under the corporate insolvency resolution process in 2024. In his complaint, Vijaykumar Mohanlal Parekh claimed that the other promoter group led by Sudhir Walia pursued the deal without his group's consent.

Also read: India’s organized retail market gets bigger, more experience-led


He alleged that a consortium of SRL and Lakshdeep Investments & Finance, which had bid for Jaiprakash Infratech, decided in 2019 to withdraw from the race after the bankrupt company's committee of creditors rejected their initial resolution proposal. However, he alleged, the Walia group went ahead with the proposal through SRL and Lakshdeep Investments without the Parekh Group's consent.

Parekh alleged that the digital signature of his brother Paresh in the resolution proposal was used without his knowledge or consent.

ET has seen a copy of the FIR.

Sudhir Walia, whose family owns Lakshdeep Investments, was not immediately reachable for comment.

According to Parekh, the purportedly fake digital signatures were used in the board resolutions dated February 8, 2019, November 11, 2019 and March 31, 2021 to create authority for pursuing the plan.

The National Company Law Tribunal approved the plan, which was then upheld by the appellate tribunal.

The complaint also referred to an FIR filed by the Delhi Police's EOW on January 1, 2026, on alleged financial irregularities involving SRL and Lakshdeep. Parekh said he wrote to Walia on February 24, 2026, seeking documents and information regarding implementation of the resolution plan. Walia did not respond, he alleged.

The Mumbai EOW is also probing alleged financial irregularities involving Suraksha Asset Reconstruction Company and former Yes Bank officials in connection with the recovery of a loan through the ARC.