Chandigarh pharma company scammed out of ₹68cr in Mumbai real estate deal
Essix Biosciences Limited, a Chandigarh-based firm, allegedly lost ₹68 crore after falling for an alleged fraudulent real estate pitch while planning to expand in Mumbai.
Accused individuals claimed to be legitimate developers with property in Andheri East and convinced the company they controlled a finance business too.
How the scam went down
In March 2024, Essix allegedly signed an official-looking joint development agreement and allegedly transferred the full ₹68 crore as a security deposit—expecting work to start right away.
Instead, nothing happened; the money was allegedly siphoned off and diverted to entities controlled by the accused and their family members.
What's happening now
After Essix filed a complaint, Chandigarh Police's Economic Offences Wing started digging into bank records and contracts to track where the cash went.
The investigation is ongoing—further action could follow once they piece things together.