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Mumbai's Economic Offences Wing (EOW) has booked real estate developer Subbaraman Anand Vilaynur, his wife Uma Subbaraman, and B P Gangar Constructions for allegedly duping homebuyers of nearly INR 100 crore. The case was filed following a complaint by a 62-year-old chartered accountant, Anil Dron, who claimed that 102 buyers were promised flats in the "Sky 31" project in Wadala (West) since 2018. Instead of using the collected funds for construction, the accused allegedly diverted them to personal and other accounts and even sold one flat to two different buyers.
The Economic Offences Wing of Mumbai Police has registered a case against developer Subbaraman Anand Vilaynur, his wife Uma Subbaraman, and B P Gangar Constructions for allegedly cheating homebuyers of INR 100 crore through the "Sky 31" housing project in Wadala (West). The action followed a complaint filed by 62-year-old chartered accountant Anil Dron, a resident of Kandivali, who approached the authorities after several investors failed to receive their promised flats. Advertisement
According to the complaint, the accused collected nearly INR 100 crore from 102 buyers since 2018, offering each a unit in the upcoming "Sky 31" residential project located on Katrak Road in Wadala. The project was promoted as a premium residential development, and buyers were assured timely possession. However, despite receiving substantial payments, the developer did not initiate the construction as promised.
Investigations revealed that instead of directing the money towards the construction and development of the project, the accused allegedly diverted the collected funds to personal and unrelated business accounts. The inquiry also found that the same flat had been sold to two separate buyers, with both paying the full amount. This added to the list of fraudulent acts and strengthened the case for cheating and criminal breach of trust.
The EOW registered the FIR under sections 406 (criminal breach of trust), 420 (cheating), and 34 (common intention) of the Indian Penal Code. The case is being investigated by Banking Unit-3, Cell 11 of the EOW, which is currently tracing the money trail and identifying whether additional individuals or entities were involved in diverting the funds.
Officials stated that the investigation was initiated after a detailed preliminary inquiry confirmed that the collected funds were not used for the project's development. Several homebuyers reportedly made large payments over the past few years in anticipation of project completion, but construction activity never took off. The case file mentions that project marketing began in 2018, but approvals and progress remained stagnant for years thereafter.
This incident has added to the growing list of real estate fraud cases in Mumbai, where investors often fall victim to false promises and project delays. Earlier this year, the Maharashtra State Consumer Disputes Redressal Commission directed another Wadala-based developer to refund homebuyers over INR 45 lakh with interest for cancelling flat allotments without valid reason. The recurring nature of such cases highlights the urgent need for stricter enforcement of real estate regulations and transparency in pre-launch project funding.
As the EOW continues its probe, buyers have sought justice and financial recovery. Authorities are expected to question those involved and verify whether similar fraudulent transactions occurred under different projects linked to the same developer. Officials indicated that the investigation will also examine whether funds were transferred abroad or to shell entities, as part of their financial audit.
Source PTI
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