Mumbai: ‘Firm faked papers to demand Rs 200 cr from Mehta couple’

Ashesh Kumar and Shivangi Mehta

The Economic Offences Wing (EOW), which is probing the Bliss Consultancy case, has filed a case against the directors of Denron Rea-IT Trade Pvt Ltd for allegedly fabricating arbitration documents to demand Rs 200 crore from the firm that was founded by Goregaon couple Ashesh and Shivangi Mehta. The case, registered under multiple Indian Penal Code sections, including cheating and criminal conspiracy, indicates that Denron may face legal action. Sources suggest that the EOW might pursue a closure report against Bliss Consultancy, potentially leading to the arrest of its directors for failing to settle investor dues.

Background of case

mid-day has extensively covered the story of the Mehtas, detailing their initial implication in an Narcotic Drugs and Psychotropic Substances (NDPS) Act case by the Madhya Pradesh police and subsequent exoneration. During the period of their alleged involvement in the NDPS case, a fabricated arbitration was initiated. The couple, in an attempt to avoid arrest, absconded while seeking legal counsel, causing distress among Bliss Consultancy's 4,000 investors. The EOW investigation revealed that the fake arbitration occurred in Pune's Khed court on June 10, 2023, just a day after the NDPS case was registered against the couple on June 9, 2023.

"It seems that Denron collaborated with someone to ensnare the couple in legal entanglements while orchestrating the execution of the arbitration, ultimately facilitating the transfer of Rs 200 crore from Bliss Consultancy to Denron as per the arbitration," an officer said. The legal obstacles for the Mehta couple escalated when the EOW registered a case against them last year, following complaints from investors, ultimately leading to their arrest.

"Now that we have registered a case against Denron and their directors are absconding, if our investigation reveals that the Mehta couple were indeed trapped by them, we may consider filing for closure in the Mehta couple's case, contingent upon the settlement of dues owed to the investors," an EOW officer said.

Officials have revealed that after obtaining an execution order for arbitration from the Pune court, Denron approached Kotak Mahindra Bank to transfer Rs 160 crore from Bliss Consultancy's accounts to Denron. However, as bank officials attempted to contact the couple, who were absconding and unreachable, the bank froze the account and sought court intervention.

Bliss Consultancy also filed a case in court, but Denron's directors failed to appear despite multiple summons from the Bombay High Court. The next hearing is scheduled for February 14. "The director of Denron has been charged under various IPC sections following our investigation, which revealed that a fake arbitration was executed in the Pune court based on fraudulent documents. We are continuing our probe into the matter," said Nishith Mishra, joint commissioner, EOW.

What FIR states

As per the FIR, Denron Rea-IT Trade Pvt Ltd and its directors Hariprasad Paswan, Ramesh Kumar Yadav, along with one Sabir Khan, have been booked by the EOW. The FIR outlines that Denron claims to have invested Rs 200 crore in Bliss Consultants in August 2021. However, in November 2022, Denron Rea initiated arbitration, claiming that the firm owed them Rs 250 crore, including 30 per cent interest. The arbitration ruled in Denron Rea's favour, directing Bliss Consultants to transfer Rs 160 crore, which they failed to do. Later in 2023, Denron Rea sought arbitration again and obtained orders from the Pune court, but Bliss Consultants' accounts were frozen by the bank due to their unavailability, causing distress among investors.