Jaiprakash Infratech Deal Faces Fresh Scrutiny as Mumbai EOW Probes Suraksha Realty Dispute
Mumbai, India | September 29, 2026: The acquisition of Jaiprakash Infratech by Suraksha Realty is facing fresh scrutiny after Mumbai Police's Economic Offences Wing (EOW) began investigating allegations of unauthorised corporate decisions and forged digital signatures linked to the deal. The investigation concerns a dispute between the company's promoter groups and raises questions about the authorisation process behind the acquisition.
Suraksha Realty acquired Jaiprakash Infratech through the corporate insolvency resolution process in 2024. The latest development brings renewed attention to the corporate governance and implementation of a major real estate-related insolvency resolution.
Why the Jaiprakash Infratech Deal Is Under Investigation
Vijaykumar Mohanlal Parekh, a director of Suraksha Realty, has accused fellow promoter Sudhir Walia and his group of pursuing the Jaiprakash Infratech acquisition without the Parekh group's consent.
According to Parekh's complaint, a consortium involving Suraksha Realty and Lakshdeep Investments & Finance had initially decided to withdraw from the bidding process in 2019 after creditors rejected its original resolution proposal. He alleges that the Walia group subsequently continued pursuing the deal through the same companies without the required authorisation.
Mumbai Police's EOW is investigating allegations of cheating, forgery and criminal conspiracy. These remain allegations and have not been established as facts by a court.
Dispute Centres on Alleged Use of Digital Signatures
A key part of the complaint concerns the alleged unauthorised use of the digital signature of Paresh Parekh, Vijaykumar Parekh's brother.
Parekh has alleged that the digital signature was used in connection with board resolutions dated February 8, 2019, November 11, 2019 and March 31, 2021. He claims these documents were used to establish authority for continuing with the resolution plan.
The investigation will examine the disputed resolutions and the circumstances in which the consortium pursued the acquisition.
Acquisition Was Approved Through Insolvency Proceedings
Suraksha Realty acquired Jaiprakash Infratech under the corporate insolvency resolution process in 2024. The resolution plan was approved by the National Company Law Tribunal (NCLT) and subsequently upheld by the appellate tribunal.
The current police investigation concerns allegations about the authority and internal approvals behind the bid. The existence of the investigation does not, by itself, mean that the approved resolution plan has been overturned.
For stakeholders connected to the company, the distinction between the existing tribunal approvals and the separate police investigation remains important.
Why the Dispute Matters to Real Estate Stakeholders
Jaiprakash Infratech's resolution is significant for the real estate sector because the company has been associated with large-scale development and housing projects.
Questions surrounding the acquisition and its implementation are therefore relevant to homebuyers, creditors and other stakeholders following the company's progress.
At this stage, the reported investigation does not establish that construction or project delivery will be affected. Any impact on implementation would depend on the findings of the investigation and any subsequent directions from the relevant authorities or tribunals.
Separate Financial Investigation Also Mentioned
Parekh's complaint also refers to a separate FIR registered by the Delhi Police's EOW on January 1, 2026, concerning alleged financial irregularities involving Suraksha Realty and Lakshdeep Investments.
In addition, Mumbai's EOW is investigating alleged financial irregularities involving Suraksha Asset Reconstruction Company and former Yes Bank officials in connection with loan recovery.
These are separate matters and should not be treated as findings of wrongdoing in the Jaiprakash Infratech acquisition.
What Happens Next
The Mumbai EOW's investigation will focus on the allegations raised by Parekh, including the disputed board resolutions and the alleged use of digital signatures without authorisation.
Sudhir Walia was not immediately available for comment when the allegations were reported. The investigation's findings and any subsequent legal proceedings will help clarify the issues raised in the complaint.
For real estate stakeholders, the key point to watch is whether the investigation leads to any legal or operational developments affecting the implementation of Jaiprakash Infratech's approved resolution plan.