EOW Books Director in Mumbai Fraud
ECONOMY & POLICY

EOW Books Director in Mumbai Fraud

The Economic Offences Wing (EOW) of Mumbai has registered a case against the director of Mid City Heightss, a prominent real estate developer, for allegedly being involved in a redevelopment fraud worth Rs 55 crore. The charges stem from complaints filed by residents of the redevelopment project in Mumbai, who accuse the developer of fraudulent practices in the execution of their redevelopment plans.

The accused director is alleged to have duped the residents by collecting large sums of money under the pretext of redevelopment but failing to deliver on the promises made. The residents had entered into an agreement with the developer for the redevelopment of their buildings, with the expectation of modernized housing units. However, they claim that the redevelopment process was marred by delays, substandard construction, and financial mismanagement.

The EOW's investigation has found evidence of irregularities in financial transactions related to the project, including the misappropriation of funds collected for the redevelopment process. As per the allegations, the developer had diverted the funds intended for the construction of new flats, leading to financial losses for the residents. The total estimated amount involved in the fraud is said to be around Rs 55 crore.

The redevelopment scam has raised concerns about the regulatory oversight in Mumbai's real estate sector, where such fraudulent practices are becoming increasingly common. The EOW is currently investigating the matter further, and the developer's involvement in the fraudulent scheme is being scrutinized.

The case is seen as part of a larger effort by authorities to crack down on illegal activities in the real estate sector, especially in large metropolitan cities like Mumbai, where the demand for housing often leads to exploitation by unscrupulous developers. The residents have demanded immediate action and the return of their invested funds.

The Economic Offences Wing (EOW) of Mumbai has registered a case against the director of Mid City Heightss, a prominent real estate developer, for allegedly being involved in a redevelopment fraud worth Rs 55 crore. The charges stem from complaints filed by residents of the redevelopment project in Mumbai, who accuse the developer of fraudulent practices in the execution of their redevelopment plans. The accused director is alleged to have duped the residents by collecting large sums of money under the pretext of redevelopment but failing to deliver on the promises made. The residents had entered into an agreement with the developer for the redevelopment of their buildings, with the expectation of modernized housing units. However, they claim that the redevelopment process was marred by delays, substandard construction, and financial mismanagement. The EOW's investigation has found evidence of irregularities in financial transactions related to the project, including the misappropriation of funds collected for the redevelopment process. As per the allegations, the developer had diverted the funds intended for the construction of new flats, leading to financial losses for the residents. The total estimated amount involved in the fraud is said to be around Rs 55 crore. The redevelopment scam has raised concerns about the regulatory oversight in Mumbai's real estate sector, where such fraudulent practices are becoming increasingly common. The EOW is currently investigating the matter further, and the developer's involvement in the fraudulent scheme is being scrutinized. The case is seen as part of a larger effort by authorities to crack down on illegal activities in the real estate sector, especially in large metropolitan cities like Mumbai, where the demand for housing often leads to exploitation by unscrupulous developers. The residents have demanded immediate action and the return of their invested funds.

Next Story
Products

unWOOD transforms plastic waste into durable wood alternative

unWOOD, a breakthrough innovation, is converting hard-to-recycle plastic waste into a durable alternative to natural wood. Developed through a proprietary process called Intelligent Compounding, unWOOD uses a Macro Molecular Fiber Matrix (MMFM) structure to replicate the strength, look, and feel of hardwood—without the environmental cost.Conceptualised by Dr Babu Padmanabhan, the material addresses key flaws in traditional plastic recycling by consuming minimal energy, using zero water, and generating no microplastics. “Any application that introduces plastics into areas where it cannot be..

Next Story
Real Estate

India's first AI-integrated campus announced in Noida

Yashoda Hospital and Bhutani Infra have announced plans to develop India’s first fully AI-integrated mixed-use campus in Greater Noida West. The upcoming project will feature a hospital, retail spaces, offices, SOHOs, serviced apartments, and a hotel—all operating within a self-learning, generative AI-powered ecosystem.The AI-first campus will integrate real-time data systems, predictive analytics, and adaptive infrastructure to offer personalised experiences across functions. From AI-enabled footfall tracking and dynamic energy optimisation to smart F&B and retail insights, the develo..

Next Story
Infrastructure Urban

Postal Dept Unveils Stamp Honouring 125 Years of Kodaikanal Observatory

The Department of Posts is proud to release a commemorative postage stamp celebrating 125 years of the Kodaikanal Solar Observatory (KSO). Recognising the legacy of the KSO through this special stamp is a fitting tribute to one of India’s most significant scientific institutions and highlights the nation’s long-standing contribution to global science.The Commemorative stamp was released by S Rajendra Kumar, Chief Postmaster General, Karnataka Circle in the gracious presence of A S Kiran Kumar, Chairperson, Governing Council, IIA and Former Chairman, ISRO and other esteemed guests at Indian..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?