Court calls Ketan Kadam the ‘key conspirator’ in Mithi River fraud

While denying bail to Ketan Kadam, CEO of Virgo Specialties Pvt Ltd, in the Mithi River desilting fraud, the sessions court called him “the key person in the conspiracy” who “personally gained various amounts” through manipulation of tenders to create a monopoly for his firm.

- Vikrant Jha

The detailed order, passed on July Il, became available on Tuesday.

Kadam and Virgo director Jay Joshi are among 13 people booked by the Economic Offences Wing (EOW) of the Mumbai Police in May for their alleged role in the ₹65.54-crore fraud. The accused include three civic officials, three intermediaries, five private contractors, and two company executives. According to police, the case involves inflated tenders and financial irregularities, among other corrupt practices linked to desilting work awarded for the desilting of the Mithi River between 2019 and 2024.

The court noted that Kadam’s release could risk interference with the investigation and influence key witnesses. He was arrested on May 6 and is facing charges under multiple sections of the Indian Penal Code, including cheating, criminal breach of trust, conspiracy, and forgery.