Daijiworld Media Network - Mumbai

Mumbai, Nov 6: The Economic Offences Wing (EOW) of Mumbai Police has launched an investigation into a massive Rs 100 crore real estate scam in Wadala, after several homebuyers alleged they were duped by a developer and his associates under the pretext of a luxury housing project.

According to officials, the case was registered on Wednesday following a detailed preliminary inquiry based on a complaint filed by 62-year-old Chartered Accountant Anil Dron, a resident of Kandivali.

The accused — identified as real estate developer Subbaraman Anand Vilaynur, his wife Uma Subbaraman, B P Gangar Constructions, and others — allegedly collected around Rs 100 crore from 102 buyers since 2018 for their proposed project ‘Sky 31’ in Wadala (West). Each buyer was promised a residential flat in the upscale development.

However, according to the complaint, the accused diverted the funds to personal and unrelated business accounts instead of utilizing them for the construction of the project. The EOW official said, “After collecting money from the victims, the accused conspired to misuse the funds and even sold one flat to two different buyers after taking payment from both.”

The scam came to light when several buyers raised concerns over delays and inconsistencies in project updates, leading to the filing of a formal complaint.

The EOW has booked the accused under sections pertaining to cheating and criminal breach of trust of the Indian Penal Code. Investigations are underway to trace the diverted funds and identify other individuals potentially linked to the fraudulent operation.

Officials said further action will be taken after gathering financial and documentary evidence related to the project’s transactions.