Rohan Developer’s director arrested in Rs 280 crore bank loan fraud case

Rohan Developers Director Arrested in Rs 280 Crore Bank Loan Fraud Case

CBI arrested Hareesh Mehta of Rohan Developers, once considered South Mumbai’s leading builder, in an over two-decade-old Rs280 crore bank loan fraud case on May 20.

On May 24, the court refused to grant Mehta’s further custody to CBI, stating that “merely saying that the accused is not co-operating and they want to confront present accused with other accused, is not sufficient for grant of further PCR (custody).” He is currently in judicial custody. A Thane court may hear his bail plea on Monday.

CBI’s Economic Offences Wing (EOW) registered a bank fraud case in 2016 on a complaint of the State Bank Of India (SBI). In 2018, CBI charge-sheeted Rajput Retails (now Shreem Corporation), its promoters Vijay Gupta and Ajay Gupta, SBI’s official V N Kadam, and two others. Around five years ago CBI had also arrested the managing director of Ruby Mills Bharat Shah but he was later released on bail. CBI continued its investigation and learned about Mehta and his firm’s role in the case.