The dream of owning a home turned into a nightmare for over 100 families in Mumbai, as the city’s Economic Offences Wing (EOW) registered a major case against a real estate developer and his associates. The police are now investigating an alleged ₹100 crore fraud linked to the ‘Sky 31’ housing project in Wadala (West).
The case, which comes after a meticulous preliminary inquiry, centers on allegations of cheating and criminal breach of trust, exposing what officials describe as a calculated scheme to siphon off funds meant for construction.
The anatomy of the sky 31 fraud
The principal accused has been identified as real estate developer Subbaraman Anand Vilaynur, his wife Uma Subbaraman and the firm B P Gangar Constructions. According to the police complaint, these parties collected approximately ₹100 crore from 102 individuals who were promised flats in the ‘Sky 31’ residential towers since 2018.
The complaint, filed by a 62-year-old Chartered Accountant named Anil Dron, details a two-pronged deception. First, after receiving substantial down payments and installments from the victims, the accused allegedly diverted the money into their personal and associated bank accounts. Instead of channeling the funds into the project’s development, the purpose for which the buyers had entrusted their life savings, the money was reportedly used for personal gain and unrelated business activities, leaving the project stalled and the buyers in non-existence.
Second, in a further act of deceit, investigators found evidence that at least one flat was sold twice, with the developer receiving full payment from two different buyers for the same unit. This double sale highlights the systematic nature of the financial misconduct.
EOW investigation underway
The EOW formally registered the case under serious charges, including cheating and criminal breach of trust, which carry significant penalties if proven in court. The ongoing probe will focus on tracing the flow of the diverted funds to uncover all assets and identify any other individuals or entities involved in the conspiracy.
This high-profile case serves as a stark reminder of the financial risks homebuyers face in the competitive and sometimes unregulated property market. With over a hundred families suffering significant economic loss, the police investigation aims to ensure accountability and recover the hard-earned money promised to the duped buyers. The legal system will now determine the fate of the accused as the EOW works to uncover the full scope of the Sky 31 Fraud.
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Disclaimer – The information in this report is sourced primarily from the article published by News sites on this date. The individuals named are entitled to the legal presumption of innocence until proven guilty in a court of law.
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