Army Ammo Supplier Defrauded: 43 Crores Vanish with No Land Registry

An explosives company that supplies ammunition to the military has fallen victim to a fraud scheme amounting to 243 crores. The funds were misappropriated during a land sale transaction involving the director of a couple of construction companies, who failed to register the transaction. The Economic Offences Branch has initiated a fraud case in response to these developments.

The individuals facing charges in this case are the directors of Haveliwala Construction and Developers Private Limited. Located on Amravati Road, Kachimet houses the Economic Explosives company responsible for manufacturing and delivering ammunition to the Indian armed forces. This company required land for research and development purposes.

To acquire the necessary land, the company struck a deal with Haveliwala Construction for four plots in Mauja Surabardi and Mauja Waddhamna. According to the agreement, the company made full payments for two plots on July 1, 2022, and provided over 50% of the amount for the remaining two plots to the directors, amounting to 242,98,62,000 crore.

Unfortunately, the accused directors failed to register the land, repeatedly providing various excuses for the delay. Faced with financial losses, the explosives company's deputy manager, Shyamsunder Mundada, lodged a complaint at Wadi Police Station.

Recognizing the gravity of the situation, senior officers were promptly alerted. Following a preliminary investigation, the police have initiated a fraud case against the two construction directors. The matter has since been transferred to the Economic Offences Wing, where officers are conducting a comprehensive inquiry into the incident.

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