Mumbai Real Estate Scandal: Rs 100 Crore Fraud Shakes Homebuyers
A real estate developer in Mumbai has been booked for a Rs 100 crore housing fraud, diverting funds from the 'Sky 31' project in Wadala and leaving numerous homebuyers cheated.
Real Estate FraudMumbaiSky 31HomebuyersEconomic Offences WingReal Estate MumbaiNov 06, 2025
The police's Economic Offences Wing (EOW) registered the case on Wednesday after a 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 the '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, effectively cheating them as well, he added.
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 scandal has sent shockwaves through the real estate market in Mumbai, a city already grappling with numerous challenges in the housing sector. The 'Sky 31' project was highly anticipated, and the victims, many of whom are first-time homebuyers, have been left in a state of financial and emotional distress.
The Economic Offences Wing is urging other potential victims to come forward with any information that could aid the investigation. The police are also working closely with financial institutions to trace the diverted funds and recover as much of the money as possible.
This case highlights the need for stricter regulations and oversight in the real estate sector to protect homebuyers from such fraudulent activities. Homebuyers are advised to conduct thorough background checks and due diligence before making any financial commitments, especially in large-scale projects.
The real estate market in Mumbai has been under scrutiny for several years due to issues such as delays in project completions, cost overruns, and now, outright fraud. This latest incident is likely to further erode the trust of potential buyers and investors in the market.
The Mumbai Police have assured the public that they are committed to bringing the perpetrators to justice and will take all necessary steps to ensure that such incidents do not occur in the future. The victims of the 'Sky 31' project are now hoping for a swift resolution to their case and the return of their hard-earned money.
Frequently Asked Questions
What is the 'Sky 31' project?
The 'Sky 31' project is a housing development in Wadala, Mumbai, which was promised to 102 homebuyers. The developer collected Rs 100 crore from these homebuyers but allegedly diverted the funds for personal use.
Who are the accused in this case?
The accused include real estate developer Subbaraman Anand Vilaynur, his wife Uma Subbaraman, and B P Gangar Constructions, along with others involved in the fraud.
What charges are the accused facing?
The accused are facing charges of cheating and criminal breach of trust.
How can homebuyers protect themselves from such frauds?
Homebuyers are advised to conduct thorough background checks, verify the developer's credentials, and ensure that all financial transactions are transparent and legally binding.
What is the role of the Economic Offences Wing (EOW) in this case?
The Economic Offences Wing (EOW) is responsible for investigating financial crimes and frauds. They registered the case and are conducting a probe to bring the perpetrators to justice.
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