The Economic Offences Wing ( EOW ) of the Mumbai City Police arrested Firoz Lakdawala, the son of the late developer Yusuf Lakdawala, along with his company’s chartered accountant, Akhtar Peerobhoy, on Friday in connection with a Rs 45 crore cheating case.
Firoz is accused of illegally taking control of several family properties. Police revealed that Peerobhoy managed the affairs of Lakdawala’s companies and assisted Firoz in fraudulently acquiring a significant portion of the company’s shares. Yusuf Lakdawala, who had been arrested by the Enforcement Directorate, passed away in 2021.
His wife, Shabina, filed a complaint with the EOW against Firoz, who is Yusuf’s son from his first marriage, in May this year.
According to a police source, Firoz allegedly took over several properties belonging to Lakdawala while his father was in jail.
The source further alleged that Firoz acquired additional shares in his name, preventing his father from exercising his shareholder rights, and subsequently reduced the shares held by both his father and Shabina, resulting in a loss exceeding Rs 45 crore.
In the Rs 45 crore cheating case, the Esplanade court on Friday remanded Firoz Lakdawala and his Chartered Accountant Akhtar Peerbhoy to police custody until July 9. The Economic Offences Wing had arrested the duo on July 5 following an FIR lodged by Yusuf’s widow, who is Firoz’s stepmother, in May. Late Yusuf had reportedly appointed Noor, Firoz’s wife, as an additional company director.
She allegedly misused her position by illegally appointing her husband as an additional director to transfer all properties into their names. Meanwhile, Noor and Company Secretary Vyoma Desai are on the run.
Police reported that Firoz is not cooperating with the investigation. “When he was asked to bring the documents related to the case, he did not get them,” said an anonymous police officer. Recent police raids at the offices of the accused revealed crucial evidence, including photocopies of cheques used for the transactions where Firoz transferred shares into his accounts.
Further investigation uncovered 120 call recordings between Firoz and Peerbhoy, discussing changes to the company’s directorship. The crime was reportedly committed using a third person’s email address and mobile phone, with the digital evidence set for forensic analysis.
Firoz’s lawyer, Advocate K H Giri, argued that the matter is a family dispute over properties, noting that a civil suit for partition filed by the same complainant is pending before the Bombay High Court. He contended that the case is essentially a civil dispute, not a criminal one. Nonetheless, a case has been filed against the accused for cheating, criminal breach of trust, and criminal conspiracy at the Amboli police station.
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