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.
Delhi-NCR, Mumbai, and Hyderabad lead the luxury housing sales surge, with Pune registering a 450% year-on-year increase.
Under PNC Menon's remarkable leadership, Sobha Realty has become a leading luxury real estate developer in the region, with promising expansion plans globally.
In a move to enhance economic development, Pimpri-Chinchwad Municipal Commissioner Shekhar Singh has approved new financial policies. This decision aims to attract investors and foster growth in the region.
Urban logistics, particularly in the quick commerce sector, is rapidly gaining momentum. Many e-commerce giants are piloting innovative models to capture a larger market share, leading to a significant increase in demand for industrial and logistics real
Commerce and Industry Minister Piyush Goyal has outlined a plan to make real estate more affordable through the PM Gati Shakti platform, emphasizing the importance of collaboration between the government and the real estate sector. He also stressed the ne
India's real estate prices have surged, making it difficult for businesses to remain competitive. Top investor Alok Jain highlights the challenges and impact of these rising costs.