Mumbai: Special MPID Court Allows Former Kuber Director To Buy ₹58-Crore Properties Attached For 26 Years

Mumbai, September 19, 2026: The special MPID court on Saturday allowed the former director of Kuber Mutual Benefits Ltd to purchase four properties attached by the Economic Offences Wing (EOW) in 2000 for Rs 58 crore. The properties remained attached for 26 years, even after the director was acquitted of charges of cheating investors in 2023.

The court, allowing Mukesh Sharma’s plea, said proceeds from the sale would be deposited with the competent authority, which would later use them to clear investors’ dues.

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Properties Remained Unsold

Sharma, 72, sought permission to purchase three properties: a plot in Sector 10, Vashi, one in Sector 15, CBD Belapur, and another in Sector 4.

Sharma was prosecuted with Praduman Kumar Sharma, chairman of Kuber Mutual Benefits Ltd, and nine other companies in the EOW case alleging cheating of 2,000 investors. Kumar Sharma died during the trial, while Mukesh Sharma was acquitted in 2023.

The plea said attempts had failed to secure offers and the properties remained unsold for more than two decades.

CIDCO Opposes Purchase

CIDCO opposed the plea, arguing that Sharma was not entitled to the relief despite making a lucrative offer. It also said he was liable to pay lease rent from the date of attachment until 2019, amounting to Rs 150 crore.

The court said, “The properties have consequently continued to remain attached without the process resulting in realisation of their value for the ultimate benefit of the depositors. The fact that an asset remains under attachment is undoubtedly relevant for protecting the asset, but attachment cannot, by itself, be treated as the final object of the statute.”

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On CIDCO’s contentions, the court said the buyer must comply with all lawful requirements and pay dues determined by CIDCO under the applicable lease, rules, regulations, circulars, policies and law.

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