Former Arkade Chief Sales Officer Booked in Alleged Multi-Crore Corporate Fraud Case
Mumbai, July 29, 2026: Listed real estate firm Arkade Developers Limited has initiated criminal and disciplinary proceedings following an extensive internal investigation into alleged financial and documentary irregularities involving its former Chief Sales Officer, Amita Singh. According to the company, First Information Report (FIR) No. 921 of 2026 was registered on July 17, 2026, at the Samata Nagar Police Station in Mumbai, invoking Sections 318(3), 336(3), 338, 340, and 3(5) of the Bharatiya Nyaya Sanhita, 2023.
The developer stated that its internal inquiry was triggered after receiving an anonymous email detailing irregularities in specific sales transactions, prompting the formation of an internal inquiry committee. According to the company, the preliminary investigation revealed that Mrs. Singh allegedly diverted customers who had approached Arkade directly to transact through identified brokers, resulting in brokerage payments where none were legitimately payable. The complaint further alleges that brokerage was registered for direct home purchases, resulting in approximately ₹1.53 crore being paid to one brokerage entity and an aggregate alleged wrongful financial gain of approximately ₹2 crore through various routed transactions, Arkade Developers said in a press release.
Arkade disclosed that during the internal inquiry, Singh allegedly admitted to the misconduct, disclosed the involvement of certain brokerage entities and employees, returned ₹1 crore to the firm, and expressed regret. Notwithstanding these disclosures, the company continued its probe to determine if further irregularities had occurred.
The subsequent investigation allegedly uncovered the unauthorized sale of additional car parking spaces across select projects. Arkade alleged that agreements for these parking spaces were prepared and registered using the forged signature of one of its Directors without company authorization, with approximately ₹22 lakh accepted in connection with these transactions. The complaint asserts that these actions were carried out in conspiracy and collusion with other individuals, causing an estimated financial loss of ₹1.22 crore to the firm.
Arkade emphasized that it maintains a zero-tolerance approach toward fraud, financial misconduct, and unethical business practices. The company confirmed that it is fully cooperating with law enforcement by providing all relevant records, while simultaneously strengthening its internal controls, compliance framework, and governance mechanisms to protect the interests of its customers, shareholders, and stakeholders.
