Daijiworld Media Network - Panaji

Panaji, Sep 27: The Economic Offences Cell (EOC) of the Goa Police has registered a First Information Report (FIR) against Prakash Motwani, Lata Prakash Motwani — both residents of Mumbai — and six other individuals for allegedly cheating a Mumbai-based investor of over ?4 crore in a fraudulent hotel investment scheme.

The Allegation

According to the EOC, the accused lured the victim into investing in a hotel project in Candolim, a popular beach destination in North Goa, by presenting false promises of ownership rights, profit sharing, and high returns. The investment was made in phases, and the accused allegedly produced fake documents and agreements to gain the victim’s trust.

The Complaint

The victim, who remains unnamed for confidentiality, claims that after the transfer of funds over a period of time, no construction or project progress took place. When the victim demanded either project updates or a refund, the accused reportedly became evasive and unresponsive, prompting the complaint to the EOC.

FIR Details

The FIR has been filed under the following sections:
• Section 420 (Cheating and dishonestly inducing delivery of property)
• Section 406 (Criminal breach of trust)
• Section 465, 468, 471 (Forgery-related offences)
• Section 120B (Criminal conspiracy)

— all under the Indian Penal Code (IPC).

Police officials confirmed that further investigation is underway, and statements from all parties involved are being recorded. Property records and financial transactions related to the alleged hotel project are also being scrutinised.
What’s Next

The EOC has not made any arrests yet, but notices have been issued to the accused for interrogation. Authorities are also examining whether similar complaints have been filed against the same group elsewhere.

This case adds to a growing list of investment scams targeting high-value real estate and hospitality sectors in Goa — often involving out-of-state investors being misled with promises of lucrative returns in the booming tourism industry.

If convicted, the accused could face up to seven years in prison, along with financial penalties.