EOW Files ₹30 Crore Fraud Case Against Viva Group MD Mehul Thakur in Vasai Land Deal Scam

The Economic Offences Wing (EOW) has registered a major fraud case against Mehul Thakur, Managing Director of Viva Group and relative of former Vasai MLA Hitendra Thakur, for allegedly misappropriating ₹30 crore in a joint land acquisition venture that went awry.

Joint Venture Partnership Leads to Alleged Financial Fraud

Investigation officials reported that the case originated from a business partnership formed between Mehul Thakur and Rohitashwa Poddar, Managing Director of Poddar Housing and Development Ltd. In 2012, the two businessmen established Viva Poddar Housing Pvt Ltd as a joint venture to acquire 75 acres of land in the Vasai-Virar region.

According to the complaint filed by Poddar, he contributed ₹30 crore from the total agreed purchase price of ₹56 crore into a joint account for the land acquisition project. However, investigators alleged that Thakur subsequently forged board resolutions to secure sole signatory rights over the joint account.

Alleged Fund Diversion to Family Entities

EOW sources revealed that Thakur allegedly transferred the ₹30 crore into Viva Holdings, described as a family firm, without proper authorization from his joint venture partner. The complaint further alleged that when Poddar pursued repayment of his contribution, Thakur resorted to threatening behavior to avoid returning the funds.

This case reflects broader concerns about real estate scams and property fraud that have prompted regulatory authorities to strengthen oversight mechanisms and digital record-keeping systems.

Multiple Criminal Charges Filed Under New Legal Framework

Law enforcement officials confirmed that the EOW had filed charges under various sections of the Bharatiya Nyaya Sanhita, reflecting the serious nature of the alleged financial crimes. The charges included Section 316 for criminal breach of trust, Section 318 for cheating, and Sections 336 and 338 for forgery-related offenses.

Additionally, Section 34 was invoked for common intent regarding forged documents and electronic records, indicating the sophisticated nature of the alleged fraud scheme involving multiple parties and document manipulation.

Investigation Timeline and Legal Proceedings

Court records showed that Poddar filed his formal complaint on June 23, 2025, prompting the EOW to initiate a comprehensive investigation into the alleged fraud. The case also named Thakur's father Deepak Thakur, along with directors Vikas Varthak and Radhaye Khanolkar as co-accused in the conspiracy.

Investigating officers indicated that their primary focus remained on recovering the ₹30 crore allegedly misappropriated from the joint venture, while also examining the broader corporate structure and financial transactions of the involved entities.

Previous Legal Troubles and HDIL Connection

The current fraud case adds to Mehul Thakur's legal challenges, as he was previously arrested by the Enforcement Directorate in January 2021 in connection with the PMC Bank-HDIL fraud case. He was subsequently granted bail in 2023 after spending considerable time in custody.

Enforcement Directorate investigations had allegedly revealed illicit fund transfers from HDIL through various Viva Group entities, suggesting a pattern of questionable financial transactions involving Thakur's business network.

Political Connections Raise Additional Concerns

The case has drawn attention due to Thakur's family connections to former Vasai MLA Hitendra Thakur, highlighting concerns about political influence in real estate ventures and potential abuse of power in land acquisition deals.

Similar concerns about politically connected real estate fraud have emerged in other cases, such as ₹57 crore fraud allegations against Wadhwa Group, indicating systemic issues in the sector requiring enhanced regulatory oversight.

Broader Implications for Real Estate Industry

Legal experts noted that this case illustrated the prevalence of complex land deal scams and the misuse of corporate structures in real estate transactions. The alleged forgery of board resolutions and unauthorized fund transfers highlighted vulnerabilities in joint venture partnerships and corporate governance frameworks.

The case also demonstrated how political connections could potentially influence real estate ventures, creating opportunities for financial misconduct and investor exploitation in high-value land acquisition projects.

Enhanced Enforcement Actions Signal Regulatory Shift

Industry observers noted that the EOW's aggressive pursuit of historical real estate frauds signaled a broader regulatory shift toward accountability and investor protection. This enforcement pattern aligned with recent regulatory initiatives aimed at strengthening real estate sector oversight and reducing fraudulent activities.

The case complemented other recent enforcement actions and regulatory improvements, including digital property record initiatives and enhanced due diligence requirements for real estate transactions across major metropolitan areas.

Investor Protection and Due Diligence Importance

Financial advisors emphasized that this case underscored the critical importance of thorough due diligence in real estate joint ventures and partnership agreements. The alleged manipulation of board resolutions and unauthorized fund transfers highlighted the need for robust legal safeguards and independent oversight mechanisms.

The case served as a reminder for investors to carefully structure partnership agreements, maintain independent legal representation, and implement strong financial controls when entering into significant real estate ventures, particularly those involving politically connected entities.

Industry experts suggested that such high-profile fraud cases ultimately contributed to stronger regulatory frameworks and enhanced investor protection measures, as authorities responded to systemic vulnerabilities with improved oversight and enforcement capabilities.

Disclaimer: This news article is based on publicly available information about legal proceedings and allegations. All individuals mentioned are presumed innocent until proven guilty in a court of law. Readers are advised to conduct their own research and consult with qualified legal and financial advisors before making any business or investment decisions. The information provided is for educational purposes only and should not be considered as legal or financial advice. Legal proceedings are ongoing, and facts may change as investigations progress.