Politician-Developer Evades Capture After Bail Denial in ₹7.24 Crore Fraud Case

A Shiv Sena politician and real estate developer, Shankar Kumar Jha, is evading authorities after the Thane Sessions Court rejected his anticipatory bail request. Jha faces allegations of cheating homebuyers out of ₹7.24 crore. Following the court's decision, the investigation has been transferred to the Economic Offences Wing. The defendant’s current location is unknown. According to a complaint filed by Santosh Samal, the majority partner in Aristone Builders, Jha is accused of collecting payments directly from homebuyers without notifying his business partners. He allegedly diverted the majority of the funds instead of depositing them into the company's account. Jha joined Aristone Builders in February 2023, holding a 36 per cent stake. Brijesh Singh held 24 per cent, while Samal retained a 50 per cent controlling share. The firm launched the Hyde Park residential project in Navghar in 2024. Jha, having gained the trust of his partners, was put in charge of managing bookings. The company used a current account with a private bank for all project-related transactions. The alleged fraud was discovered when Samal identified inconsistencies in the company's financial records. Upon contacting buyers, many reported paying amounts significantly higher than those recorded in the firm's books. The complaint states that Jha collected approximately ₹7.24 crore in cash and cheques from 37 flat buyers. Only a small fraction of this sum was deposited into the company's bank account. He is accused of misrepresenting the project as being developed by his own firm, Jha Realities, and distributing brochures that incorrectly used the RERA registration number assigned to Aristone Builders. Furthermore, he allegedly accepted payments without providing receipts or acknowledgements. After the FIR was registered on July 2, Jha sought anticipatory bail, which was denied by Additional Sessions Judge D.B. Mane on July 9. A senior police inspector confirmed that the case has been handed over to the Economic Offences Wing. The court’s order also referenced a prior 2022 cheating case filed at Kharghar police station. In that instance, Jha was accused of defrauding the wife of a retired Indian Navy captain during a property transaction. The complainant alleged that Jha brokered the sale of four shops in Kharghar, registered two of them in his own name in 2014, refused to hand over possession of any properties, and issued threats when confronted. Jha has been untraceable since the FIR was filed. His social media accounts have shown no activity since July 2, and attempts to contact him via various channels have been unsuccessful.