Zeus Housing Directors Face Fraud Charges for Rs.67 Crore

22 Jul 2024 CW Team

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.

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