Ramesh Shah and Rahul Shah of Radius Sumer Developers have been arrested for cheating 78 flat buyers out of Rs 35.7 crore in a failed housing project in Mazagaon, Mumbai.
Real Estate FraudDevelopersMumbaiRadius Sumer DevelopersEconomic OffencesReal Estate NewsMay 17, 2025
Ramesh Shah (65) and Rahul Shah (40) are developers from Radius Sumer Developers. They were arrested for defrauding 78 flat buyers in a failed housing project in Mumbai.
The ‘Harbor Heights’ project was a housing development in Mazagaon, Mumbai, promoted as a lucrative investment opportunity for NRIs. The project was never developed, leading to the fraud allegations.
The total amount of money involved in the fraud is Rs 35.7 crore, which was invested by 78 flat buyers.
Ramesh Shah and Rahul Shah have been arrested and charged under Section 420 of the IPC and the Maharashtra Protection of Interest of Depositors (MPID) Act. They were remanded to police custody by the special MPID court.
The Economic Offences Wing (EOW) is continuing its probe into the financial transactions and the involvement of other parties in the fraudulent activities to recover the lost investments and bring the perpetrators to justice.
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