Ahmedabad businessman alleges ₹2.42 cr fraud over sale of Amrapali, Apsara theatres

A businessman from Ahmedabad has lodged a complaint with the Economic Crime Prevention Branch of CID Crime, alleging that he was cheated of ₹2.42 crore in a property transaction linked to the owners of the Amrapali, Apsara and Aradhana theatres in the city.

Bhaveshbhai Chinubhai Jani, director of Ruchi Nirman Private Limited and partner in Ruchi Developers, alleged in his complaint on May 21 that the accused had entered into an agreement in 2016 to sell two cinema properties for ₹12 crore, accepted large payments towards the deal, but later failed to execute the sale deed and did not return the money.

The accused named in the complaint are Virendrabhai Kanaiyalal Shah, Manubhai Kanaiyalal Shah, the legal heirs of late Jitendrabhai Kanaiyalal Shah, Bindesh Manubhai Shah and Mohammad Farooq A Sheikh of M R Associates Partnership Firm.

The accused approached Jani’s company in January 2016 and claimed ownership of two properties — the Amrapali Theatre property situated at Rajpur-Hirpur in Maninagar under Survey No. 141, and the Apsara-Aradhana Theatre property under Rupam Cine Enterprise. The parties allegedly agreed on a total sale consideration of ₹12 crore.

Jani alleged that based on assurances given by the accused and due to the existing relationship between the parties, his firms paid ₹72 lakh in cash and ₹1.70 crore through bank cheques, amounting to a total of ₹2.42 crore, as advance consideration and security for the proposed transaction.

The FIR contains details of multiple cheque payments made between 2011 and 2016 from the accounts of Ruchi Nirman Private Limited and Ruchi Developers to the accused persons.

According to the complainant, the accused later informed him that other partners of the firms were unwilling to proceed with the transaction and the deal was cancelled. Thereafter, the accused allegedly issued several cheques in 2019 towards repayment of the amount received.

However, the complainant alleged that all the cheques were dishonoured due to insufficient funds. He further claimed that despite repeated assurances and written undertakings promising repayment along with interest, the accused failed to return the money.

The Amrapali Theatre property was subsequently sold in April 2023 to M R Associates Partnership Firm through a registered sale deed valued at ₹3.07 crore, despite the complainant’s objections and pending financial claims.

Jani further alleged that when he demanded repayment, the accused verbally abused him and threatened him with dire consequences. He accused the five persons of criminal conspiracy, cheating, breach of trust and financial misappropriation.

The complaint has been registered by the Economic Crime Prevention Branch, CID Crime, Gandhinagar. Police said further investigation into the alleged financial fraud is under way.