Authorities have initiated legal proceedings against a real estate developer and several others for allegedly deceiving homebuyers out of Rs 100 crore by promising apartments in the Wadala area of Mumbai and misappropriating the funds for personal gain, officials reported on Thursday.
The Economic Offences Wing (EOW) of the police filed the case on Wednesday following a preliminary investigation triggered by a complaint lodged by 62-year-old Chartered Accountant Anil Dron, who resides in Kandivali, Mumbai, according to an official statement.
The individuals implicated — real estate developer Subbaraman Anand Vilaynur, his spouse Uma Subbaraman, B P Gangar Constructions, and others — amassed Rs 100 crore from 102 individuals under the guise of the ‘Sky 31’ housing project in Wadala (West) since 2018, assuring each participant a flat, as stated in the complaint.
After receiving payments from the victims, the accused purportedly colluded to redirect the funds to their personal and other bank accounts rather than utilizing them for the housing development, the official noted.
Additionally, the accused sold one apartment to two different individuals after accepting payments from both, thereby defrauding them as well, he added. The EOW has charged the accused with cheating and criminal breach of trust, and an investigation is currently underway, the official confirmed.
