Court Denies Pre-Arrest Bail to Zeus Housing Director in ₹77-Cr Fraud Case: A Detailed Analysis
MUMBAI: In a recent development, the sessions court has denied anticipatory bail to Poonam Ashit Doshi, the director of Zeus Housing & Construction Ltd, in a high-profile cheating and misappropriation case linked to the Zeus Residency project in Sion Koliwada. This case has raised concerns among homebuyers who claim to have lost crores of rupees.
The Economic Offences Wing (EOW) of the Mumbai police has accused Doshi and her husband, Ashit Doshi, of diverting over ₹77 crore collected from homebuyers for the sale component of the Slum Rehabilitation Authority (SRA) project. Despite selling nearly 100 flats and collecting over ₹1,000 crore, the Doshis allegedly failed to complete the construction, instead routing buyers' funds to other companies and personal accounts.
The prosecution's argument revolves around the Doshis' failure to fulfill their obligations. They contend that the couple sold flats and collected funds, but did not complete the construction. Instead, they allegedly directed the funds to other companies and personal accounts, amounting to misappropriation.
In a detailed order, additional sessions judge NG Shukla highlighted Poonam Doshi's active role in the transactions. The court noted that she signed various agreements as an authorized signatory and promoter, indicating her direct involvement. Doshi personally signed 17 sale agreements and two allotment letters, and the couple even sold certain flats twice to different purchasers.
The judge also pointed out that the funds received from homebuyers were diverted to Pradeep Trading Company and other firms, and used for personal expenses, further emphasizing the misappropriation. The court rejected the defense's claim that Doshi was a nominal or non-executive director, emphasizing her active participation in the company's core operations from the project's inception.
One of the most intriguing aspects of this case is Doshi's failure to disclose her involvement in another criminal case registered at the Antop Hill police station in 2023, which also pertains to the Zeus Residency project. This case, filed by investor Mehul Shah, names Poonam and Ashit Doshi as accused for allegedly cheating investors in the redevelopment scheme. Despite involving different complainants and transactions, the court deemed Doshi's non-disclosure as a form of suppression of facts, reflecting poorly on her conduct before the court.
The court's decision to deny anticipatory bail is a significant development, given the scale of the alleged fraud and the evidence of direct involvement. The judge emphasized that custodial interrogation cannot be ruled out, as the nature and gravity of the offence weigh heavily against granting bail. This case highlights the importance of transparency and accountability in business dealings, especially in large-scale projects involving multiple parties.
The Zeus Residency project's saga continues, with homebuyers still awaiting their flats and justice. The court's ruling serves as a reminder of the consequences of fraudulent activities and the need for thorough investigations to ensure justice for affected parties.
