The Economic Offences Wing (EOW), Mumbai, has registered an FIR against Ecstasy Realty Private Limited — a defaulting borrower of Edelweiss Asset Reconstruction Company Limited (EARCL) — along with its key promoters and associated entities, for alleged large-scale financial fraud.
Those named in the FIR include Shobhit J. Rajan (promoter-director of Ecstasy Realty), Naresh Bajaj, Pulin Bole, Pranav Bajaj, Shivani Verma, and related companies: Prabal Infra Agro Farms Pvt. Ltd. and Maharashtra Eco Green Pvt. Ltd.
The case follows a detailed complaint filed by Edelweiss ARC, stating that Rs 600 crore was raised by Ecstasy Realty through secured Non-Convertible Debentures (NCDs) to fund a residential project named Parthenon.
As per FIR No. 531 of 2025, registered with the Juhu Police Station, the borrower allegedly failed to record the transaction in official documentation and unlawfully diverted large amount of funds to unrelated accounts. Fake utilisation certificates were reportedly submitted to justify the misuse of funds.
EOW Mumbai is actively investigating the matter to uncover the full extent of the wrongdoing and is expected to take stringent action against all parties involved.
