Latest news with #Hemang
Time of India
3 days ago
- Time of India
Anchor Group director arrest illegal, holds HC
Mumbai: The Bombay High Court vacation bench on Friday declared the arrest of Anchor Group director Hemang Shah , 50, by Mumbai Police's Economic Offences Wing (EOW) as illegal, citing failure by police to produce him before a magistrate in 24 hours. The court ordered his immediate release from Arthur Road Jail. The vacation bench, comprising Justices Gauri Godse and Somasekhar Sundaresan, noted that chat messages between the wives of the two brothers supported Hemang Shah's claim that his arrest and continued custody were intended to recover the settlement amount in mediation between family members. The arrest was based on allegations of defrauding his elder brother, Mehul Shah, of Rs 67 crore. Hemang Shah petitioned the HC, arguing that his arrest was illegal since he was not produced before a magistrate within 24 hours as required by law. He was detained at Delhi airport at 5.30 pm on May 17 and produced in court only at 10.45 pm on May 18. The HC agreed, stating that his arrest "without producing him before the nearest magistrate within 24 hours is completely illegal" and infringes on fundamental rights under Article 22(2), which mandates such production. The FIR by the elder brother was lodged with Malabar Hill police station in South Mumbai at 2.14 am, and a Look Out Circular (LOC) was issued at the police station's request. The dispute, being resolved before a mediator, is between Hemang on one side and his brother and their father on the other. The FIR was filed during mediation, and Hemang, scheduled to fly to Muscat from Delhi on May 17, was apprehended at the airport due to the LOC. Police stated they arrested him on May 18 after the immigration department handed him over at 4.30 am, and then he was brought to Mumbai. Senior counsel for the elder brother—the complainant—argued that the immigration officers cannot be considered police officers, and hence his custody after being "accosted" at the airport was not an "arrest" by police officers. The EOW's arrest memo states he was arrested on May 18 at 7.30 pm. The HC bench said, "In our view, the act of the Immigration Officers to accost the petitioner or detain him on 17th May 2025 at 1730 hours is the act of arrest, and therefore the period of 24 hours as contemplated under Section 58 of BNS and Article 22(2) of the Constitution of India shall begin on 17th May 2025 at 1730 hours." The High Court, however, clarified that its observations were only to decide his plea regarding his illegal arrest and would not influence the trial or merits of the case.
Time of India
3 days ago
- Business
- Time of India
Bombay High Court holds businessman's arrest in Rs 67 cr case illegal, orders his release
Representative image MUMBAI: The Bombay High Court vacation bench on Friday declared the arrest of Anchor Group director Hemang Shah , 50, by Mumbai Police's Economic Offences Wing (EOW) as illegal, citing failure by police to produce him before a magistrate in 24 hours. The court ordered his immediate release from Arthur Road Jail. The vacation bench, comprising Justices Gauri Godse and Somasekhar Sundaresan, noted that chat messages between the wives of the two brothers supported Hemang Shah's claim that his arrest and continued custody were intended to recover the settlement amount in mediation between family members. The arrest was based on allegations of defrauding his elder brother, Mehul Shah, of Rs 67 crore. Hemang Shah petitioned the HC, arguing that his arrest was illegal since he was not produced before a magistrate within 24 hours as required by law. He was detained at Delhi airport at 5.30 pm on May 17 and produced in court only at 10.45 pm on May 18. The HC agreed, stating that his arrest "without producing him before the nearest magistrate within 24 hours is completely illegal" and infringes on fundamental rights under Article 22(2), which mandates such production. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trading CFD dengan Teknologi dan Kecepatan Lebih Baik IC Markets Mendaftar Undo The FIR by the elder brother was lodged with Malabar Hill police station in South Mumbai at 2.14 am, and a Look Out Circular (LOC) was issued at the police station's request. The dispute, being resolved before a mediator, is between Hemang on one side and his brother and their father on the other. The FIR was filed during mediation, and Hemang, scheduled to fly to Muscat from Delhi on May 17, was apprehended at the airport due to the LOC. Police stated they arrested him on May 18 after the immigration department handed him over at 4.30 am, and then he was brought to Mumbai. Senior counsel for the elder brother-the complainant-argued that the immigration officers cannot be considered police officers, and hence his custody after being "accosted" at the airport was not an "arrest" by cops. The EOW's arrest memo states he was arrested on May 18 at 7.30 pm. The HC bench said, "In our view, the act of the Immigration Officers to accost the petitioner or detain him on 17th May 2025 at 1730 hours is the act of arrest, and therefore the period of 24 hours as contemplated under Section 58 of BNS and Article 22(2) of the Constitution of India shall begin on 17th May 2025 at 1730 hours."
Time of India
20-05-2025
- Business
- Time of India
Anchor Group owner arrested for defrauding brother of Rs 67 crore
MUMBAI: The of on Sunday arrested , one of the owners of the of Companies, on charges of defrauding Rs 67 crores from his elder brother . This was done under the pretext of shared investment through the company's accounts and demat portfolios. Tired of too many ads? go ad free now Last year Ashwin Sheth of the Ashwin Sheth group lodged an FIR against the directors of Anchor Leasing Pvt. Ltd. for duping him of Rs 51 crores. Hemang Shah, 48, was arrested at Delhi Airport based on the Look Out Circular (LOC) issued by the Mumbai police. Officials said that the immigration officials alerted them and a team reached Delhi airport and took Hemang's custody. Hemang was produced before a court and was remanded to police custody. Hemang's elder brother, Mehul Shah, a key figure behind the legacy of — lodged an FIR with the Malabar Hill police, alleging a massive breach of trust by his brother Hemang. Anchor Electrical Pvt. Ltd., founded in 1963 by their father Jadavji Lalji Shah and uncle Damji Shah, was sold to Panasonic Electric Works Co. Ltd. in 2007 for Rs 2,500 crore. The proceeds were equally divided between the founding families and subsequently invested in a web of over 180 companies, with operations headquartered at Peninsula Business Park, Lower Parel. The Shah brothers, alongside their father, initially served as directors in multiple firms such as Great White Global Pvt. Ltd. and Anchor Leasing Pvt. Ltd. However, in 2022, the senior Shah resigned, leaving Mehul and Hemang as equal directors and shareholders. According to Mehul, in 2020, Hemang proposed investing the companies' surplus funds in mutual funds, debentures, and equity via , claiming it would yield higher returns than conventional bank interest. On this premise, Hemang opened a series of : nine under Mehul and his family's names, eight under his own family's, and one corporate account under Great White Global Pvt. Tired of too many ads? go ad free now Ltd. Mehul, trusting his brother's management, claims he allowed Hemang to oversee the investments. However, in July 2024, an emailed report from Anand Rathi revealed discrepancies in the demat account balances. Mehul's family account held only Rs 47.41 crore, while Hemang's family account stood at Rs 181.29 crore, prompting concerns of unequal investment distribution. The matter escalated when, at the instruction of their father, a Memorandum of Understanding (MOU) was drawn up on August 15, 2024, in the presence of family members. It outlined a division of the investment corpus: 40% each to Mehul and Hemang, and the remainder split among their parents and sister, Hina Desai. However, when Mehul attempted to liquidate his share for a flat purchase in Prabhadevi, Hemang issued a cheque for Rs 67 crore dated September 5, 2024. The cheque was returned by the bank with the notation 'payment stopped by drawer.' Allegedly, shortly after the cheque was cancelled, Hemang transferred Rs 44 crore overseas for personal benefit. Further, Hemang is said to have instructed Anand Rathi to freeze activity in the corporate demat account, effectively blocking Mehul's access to the funds.
Time of India
19-05-2025
- Business
- Time of India
Anchor Group director arrested for ‘defrauding' brother of 67cr
Mumbai: Mumbai police's economic offences wing on Sunday arrested , one of the directors of the of Companies, on charges of defrauding his elder brother, , of Rs 67 crore. Hemang (48) was arrested at Delhi airport based on a lookout circular issued by Mumbai police. Tired of too many ads? go ad free now He was produced before a court in Mumbai and remanded in police custody. Mehul had lodged an FIR with Malabar Hill police alleging breach of trust by Hemang. According to Mehul, in 2020, Hemang proposed investing the companies' surplus funds in mutual funds, debentures and equity via Anand Rathi Share and Stock Broker Ltd, claiming it would yield higher returns than conventional bank interest. On this premise, Hemang opened a series of demat accounts: nine under Mehul and his family members' names, eight in his own family's names, and one corporate account under Great White Global Pvt Ltd. Mehul, trusting his brother's management, claimed he allowed Hemang to oversee the investments. But in July 2024, an emailed report from Anand Rathi showed discrepancies in the demat account balances. Mehul's family account held only Rs 47.4 crore, while Hemang's family account stood at Rs 181.3 crore, suggesting unequal investment distribution, the FIR said. At the instruction of their father, Jadavji Lalji Shah, an MoU was drawn up on Aug 15, 2024. It outlined a division of the investment corpus: 40% each to Mehul and Hemang, and the remainder split among their parents and sister, Hina Desai. When Mehul attempted to liquidate his share for a flat purchase in Prabhadevi, Hemang issued a cheque in Sept for Rs 67 crore. The bank returned the cheque with the notation "payment stopped by drawer". Shortly after the cheque was cancelled, Hemang allegedly transferred Rs 44 crore overseas for personal benefit. Tired of too many ads? go ad free now Hemang is also said to have instructed Anand Rathi to freeze activity in the corporate demat account, blocking Mehul's access to the funds. Last Nov, EOW had lodged a case against Anchor Group co-founder, Jadavji Lalji Shah, and Anchor Leasing Pvt Ltd for allegedly cheating Ashwin Sheth of Sheth Developers Pvt Ltd of Rs 51 crore.
