+
Zeus Housing Directors Face Fraud Charges for Rs.67 Crore
Real Estate

Zeus Housing Directors Face Fraud Charges for Rs.67 Crore

The Economic Offences Wing (EOW) has registered a case against the directors of Zeus Housing for allegedly cheating homebuyers out of ?67 crore. The charges involve fraudulent practices related to a housing project in Mumbai.

Buyers reported that the developers promised possession of flats but failed to deliver, despite receiving full payments. The project, initiated several years ago, remains incomplete, leaving buyers in a financial bind.

Investigations revealed discrepancies in the project's financial records, raising suspicions of fund diversion. The EOW's scrutiny found that funds collected from buyers were allegedly misused for other purposes, violating the agreement terms.

The directors of Zeus Housing face charges of criminal breach of trust, cheating, and conspiracy under relevant sections of the Indian Penal Code. Authorities are actively working to trace the diverted funds and gather evidence against the accused.

This case highlights ongoing issues in the real estate sector, where developers fail to meet obligations, impacting buyers who often invest their life savings in such projects. The regulatory framework is being tightened to prevent such incidents and protect consumers.

Affected buyers have expressed relief at the legal action, hoping for justice and compensation. The EOW urges others facing similar issues to come forward, ensuring that fraudulent activities in the housing sector are curbed.

The case underscores the importance of due diligence for prospective buyers and the need for stronger enforcement of real estate regulations. As the investigation progresses, authorities aim to recover funds and hold those responsible accountable.

The Economic Offences Wing (EOW) has registered a case against the directors of Zeus Housing for allegedly cheating homebuyers out of ?67 crore. The charges involve fraudulent practices related to a housing project in Mumbai. Buyers reported that the developers promised possession of flats but failed to deliver, despite receiving full payments. The project, initiated several years ago, remains incomplete, leaving buyers in a financial bind. Investigations revealed discrepancies in the project's financial records, raising suspicions of fund diversion. The EOW's scrutiny found that funds collected from buyers were allegedly misused for other purposes, violating the agreement terms. The directors of Zeus Housing face charges of criminal breach of trust, cheating, and conspiracy under relevant sections of the Indian Penal Code. Authorities are actively working to trace the diverted funds and gather evidence against the accused. This case highlights ongoing issues in the real estate sector, where developers fail to meet obligations, impacting buyers who often invest their life savings in such projects. The regulatory framework is being tightened to prevent such incidents and protect consumers. Affected buyers have expressed relief at the legal action, hoping for justice and compensation. The EOW urges others facing similar issues to come forward, ensuring that fraudulent activities in the housing sector are curbed. The case underscores the importance of due diligence for prospective buyers and the need for stronger enforcement of real estate regulations. As the investigation progresses, authorities aim to recover funds and hold those responsible accountable.

Next Story
Real Estate

DLF Returns to Mumbai with Premium Andheri Residential Project

Delhi-NCR based real estate major DLF announced its return to the Mumbai market on 17 July with the launch of its premium residential project, The WestPark, in Andheri. The first phase includes 416 apartments spread across four towers, with two towers launched on the announcement day. The company plans to invest over Rs 8 billion in the project and expects a topline exceeding Rs 20 billion from Phase 1.“We have launched two towers and, given the strong response, plan to unveil the remaining two towers ahead of schedule, within the next few days,” said Aakash Ohri, Joint Managing Director o..

Next Story
Infrastructure Urban

APCRDA Advances Net Zero Goal with IGBC Training for Officials

In a significant stride towards Andhra Pradesh’s Net Zero target by 2040 and the Swarna Andhra 2047 vision, the Andhra Pradesh Capital Region Development Authority (APCRDA), in partnership with the Indian Green Building Council (IGBC), conducted a high-level capacity-building programme for senior officials in Vijayawada on Friday.Held at a city hotel, the session saw the participation of over 50 senior APCRDA officials, including the Engineer-in-Chief, Chief Engineer (H&B), Director (Planning), Director (Environment), and heads of key departments. The training centred on IGBC’s Green B..

Next Story
Infrastructure Energy

Assam Solar Project Halted as Waaree EPC Contract Is Cancelled

Following the Assam government’s withdrawal from its proposed solar project, the Engineering, Procurement, and Construction (EPC) contract awarded to Waaree Renewable has been suspended. Waaree Group’s EPC division informed the stock exchange of this development through a regulatory filing.The Assam solar project was suspended due to funding challenges, which rendered the initiative unviable for the state government. Waaree Renewable Transmission Limited (RTL) explained that the Government of Assam has withdrawn the project’s funding via the Asian Development Bank (ADB) loan. Consequentl..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?