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.

Related Stories

Gold Stories

Next Story
Products

Koemmerling opens Navi Mumbai experience centre

Koemmerling, a brand of the profine Group, has expanded its presence in the Mumbai metropolitan region with the opening of a new experience centre in Navi Mumbai and launched its Allure S46 minimal sliding door system for the Indian market.Located in CBD Belapur, the facility was inaugurated by Peter Mrosik, Owner and CEO, profine Group, along with Farid Khan, Chairman and Managing Director, profine India, and Kamal Bajaj, CEO, profine India.The company said the new centre will showcase its portfolio of uPVC and aluminium window and door systems to architects, developers and homeowners.The ina..

Next Story
Products

India's waterproofing market nears Rs 150 bn milestone

India's waterproofing industry is approaching a market size of Rs 150 billion and is expected to surpass the $2 billion milestone, according to speakers at the 2nd India International Waterproofers Conference & Expo 2026 organised by the Waterproofers Association of India (WAI) in New Delhi.The two-day event brought together more than 20 speakers, 55 international delegates and 53 exhibition booths, with discussions focusing on climate-resilient construction, advanced waterproofing technologies and international collaboration.Inaugurating the event, Durga Shanker Mishra, former Secretary, ..

Next Story
Real Estate

Dilip Buildcon Q1 FY27 Revenue at Rs 23.78 billion

Dilip Buildcon Limited reported consolidated revenue from operations of Rs 2,378 crore in Q1 FY27, along with EBITDA of Rs 429 crore and profit after tax of Rs 128 crore.Consolidated EBITDA margin stood at 18.1%, improving from 17.1% in Q4 FY26. On a standalone basis, revenue from operations was Rs 1,930 crore, EBITDA stood at Rs 199 crore and PAT was Rs 39 crore, with an EBITDA margin of 10.3%.The company’s order book stood at Rs 27,691 crore as of 30 June 2026, compared with Rs 28,830 crore as of 31 March 2026. Roads and highways accounted for 17.1% of the order book, irrigation and water ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement