Real Estate Fraud: Public Listed Company ‘B Right Group’ Accused of Collecting Funds from Investors

Mumbai: Shah Housecon Private Limited (SHPL)—a company promoted by Mansukh Shah—appears to be embroiled in a major real estate scam involving the 'Khot Dongri SRA Scheme' in Malad East. It appears that the public listed entity, 'B Right Group,' is merely collecting funds from investors based solely on share valuation games.

The complaint, dated April 7, 2026, relates to a redevelopment project under the SRA scheme at Rani Sati Marg, spread over about 5,600 sq. metres. It names Shah Housecon Pvt. Ltd., B Right Real Estate Ltd., B Right promoter Sanjay N. Shah, Mansukh Shah and Akash Shah of Shah Housecon Pvt Ltd, and Premji Shah of Royal Realtors Landmark Pvt. Ltd.

According to the complaint, Shah Housecon Pvt Ltd, described as the developer of the Khot Dongri SRA project, allegedly entered into multiple memorandums of understanding and development agreements with different parties over several years. The complaint alleges that these arrangements were executed despite existing mortgages, encumbrances, prior contractual obligations and pending disputes.

The SRA’s public scheme information lists Khot Dongri CHS Ltd. At Malad East, with Shah Housecon Pvt. Ltd. Shown as developer and Vishwas Satodia as architect. The same public listing records the scheme under Regulation 33(10).

The complaint claims that Shah Housecon raised about ₹104 crore from financial institutions, including Indiabulls/ARCIL, by mortgaging the sale component of the project. It further alleges that, despite this, the company continued to raise funds from other investors and developers, creating overlapping financial claims on the same project.

The Complainant has alleged that B Right Group, through B Right Real Estate Ltd., participated in structured financial transactions with Shah Housecon between 2019 and 2024. The complaint alleges that funds were infused under investment and development arrangements, and that part of the money was routed back to entities allegedly connected with the B Right Group, including Consultshah Financial Services Pvt. Ltd. And Skyline Counselling Pvt. Ltd.

The matter has also reached the police. In February 2026, two directors of Shah Housecon, Mansukh Shah and Akash Mansukh Shah, were booked for allegedly cheating a developer of ₹5.15 crore in connection with the same Khot Dongri SRA project. The case was registered at Kasturba Marg police station and later transferred to the Economic Offences Wing.

The complaint alleges that the project has not progressed in line with the funds raised and that eligible slum dwellers have not received rehabilitation tenements for several years. It also alleges non-payment of rent compensation to beneficiaries.

The Complainant has requested SEBI to order a forensic audit of the transactions, examine bank accounts and fund trails, investigate possible related-party transactions, and take steps to prevent further diversion of money. The complaint says the matter affects not only private investors and lenders, but also slum rehabilitation beneficiaries awaiting housing under a statutory redevelopment scheme.

The present case pertains to a large-scale fraud in the Khot Dongri SRA redevelopment project at Malad (East), wherein the Accused, Mr. Mansukh Shah and Mr. Akash Shah, Directors of Shah Housecon Pvt. Ltd., induced the Complainant to invest on the basis of false representations of lawful development rights, clear title, and a viable free-sale component. Subsequent due diligence revealed absence of any marketable title and that the Accused were simultaneously dealing with multiple parties, creating overlapping rights while extracting funds.

It further emerged that rehabilitation premises were unlawfully occupied by unauthorised persons placed by the Accused, from whom rents were being illegally collected, and the Complainant was subjected to threats and further monetary demands.

Adv. Suvarna Vast, appearing for the Complainant, opposed the Anticipatory Bail Application, which has been rejected by the Hon’ble Sessions Court, Dindoshi, after the Accused had earlier withdrawn their plea before the Hon’ble High Court.