The Mumbai Police's Economic Offences Wing (EOW) has booked a real estate developer for a massive Rs 55-crore fraud in a redevelopment project. The developer is accused of duping several homeowners and investors by misusing funds and failing to deliver th
MumbaiReal EstateFraudEowRedevelopmentReal Estate MumbaiNov 13, 2024
The Economic Offences Wing (EOW) is a specialized branch of the Mumbai Police that deals with financial crimes, including fraud, money laundering, and other economic offenses.
The fraud involved a total of Rs 55 crore, which was misappropriated by the developer.
The EOW has booked the developer under various sections of the Indian Penal Code (IPC) and the Maharashtra Control of Benami Property Transactions Act. They are also tracing the misappropriated funds and working on arresting the developer.
MahaRERA, the Maharashtra Real Estate Regulatory Authority, has been actively involved in addressing such frauds. They ensure that developers comply with the Real Estate (Regulation and Development) Act, 2016 (RERA) and issue warnings to developers to adhere to guidelines.
Homebuyers and investors are advised to exercise caution, conduct thorough due diligence, and report any suspicious activities or irregularities in real estate transactions to the EOW or the nearest police station.
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