Mumbai Police Register ₹100 Crore Housing Fraud Case Against Real Estate Developer
Mumbai police have registered a case against a real estate developer and others for allegedly defrauding homebuyers of Rs 100 crore by promising flats in the Wadala area and diverting the funds for personal use.
Real Estate FraudMumbaiSky 31Economic Offences WingHomebuyersReal Estate MumbaiNov 06, 2025
The police's Economic Offences Wing (EOW) registered the case on Wednesday after the preliminary enquiry based on a complaint filed by 62-year-old Chartered Accountant Anil Dron, a resident of Kandivali in Mumbai, an official said.
The accused, real estate developer Subbaraman Anand Vilaynur, his wife Uma Subbaraman, B P Gangar Constructions, and others, collected Rs 100 crore from 102 persons in the name of 'Sky 31' housing project in Wadala (West) since 2018, promising each a flat, he said, quoting the complaint.
After collecting money from the victims, the accused allegedly conspired to divert the funds to their personal and other bank accounts instead of using them for the housing project, the official said.
The accused also sold one flat to two persons after taking money from both and cheated them as well, he said.
The EOW registered the case against the accused on charges of cheating and criminal breach of trust, and a probe was on into it, the official said.
This case highlights the ongoing issues in the real estate sector, where developers sometimes engage in fraudulent activities, leading to significant financial losses for homebuyers. The real estate industry in Mumbai, one of the most expensive cities in the world, has seen several such cases in recent years, prompting increased scrutiny and regulatory measures.
Homebuyers are advised to conduct thorough due diligence before investing in any housing project, including verifying the developer's credentials, checking the project's approvals, and ensuring that the funds are being used for the intended purpose. This can help minimize the risk of falling victim to such scams.
The Mumbai police have been proactive in addressing these issues, and the registration of this case sends a strong message to other developers who might be considering similar fraudulent activities. The real estate market in Mumbai remains a crucial sector for the city's economy, and maintaining trust and transparency is essential for its growth and development.
Industry experts believe that while the real estate sector has faced challenges, such as a slowdown in housing supply, it has also seen record investments. They predict that demand will stabilize, although sales are likely to be lower compared to the previous year. This case serves as a reminder of the importance of stringent regulations and oversight to protect consumers and maintain the integrity of the market.
Frequently Asked Questions
What is the 'Sky 31' housing project?
The 'Sky 31' housing project is a real estate development in Wadala (West), Mumbai, where a real estate developer and others allegedly collected Rs 100 crore from 102 homebuyers, promising them flats.
Who are the accused in this case?
The accused in this case are real estate developer Subbaraman Anand Vilaynur, his wife Uma Subbaraman, B P Gangar Constructions, and others.
How did the accused defraud the homebuyers?
The accused collected money from homebuyers for the 'Sky 31' housing project but allegedly diverted the funds to their personal and other bank accounts instead of using them for the project. They also sold one flat to two persons, further cheating the buyers.
What charges have been registered against the accused?
The accused have been charged with cheating and criminal breach of trust by the Economic Offences Wing (EOW) of the Mumbai police.
What can homebuyers do to protect themselves from such frauds?
Homebuyers can protect themselves by conducting thorough due diligence, verifying the developer's credentials, checking the project's approvals, and ensuring that the funds are being used for the intended purpose. They should also stay informed about regulatory measures and seek legal advice if necessary.
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