 "The year was a mixed bag for the real estate industry as housing supply slowed down but record investments came in. Industry experts believe that demand will stabilise as sales are likely to be lower compared to 2023.")
Don't want to miss the best from Business Standard?
Police have registered a case against a real estate developer and others for allegedly defrauding homebuyers of Rs 100 crore by promising flats in Mumbai's Wadala area and diverting the funds for personal use, officials said on Thursday.
The police's Economic Offences Wing (EOW) registered the case on Wednesday after the preliminary enquiry based on a complaint filed by 62-year-old Chartered Accountant Anil Dron, a resident of Kandivali in Mumbai, an official said.
The accused -- real estate developer Subbaraman Anand Vilaynur, his wife Uma Subbaraman, B P Gangar Constructions and others -- collected Rs 100 crore from 102 persons in the name of 'Sky 31' housing project in Wadala (West) since 2018, promising each a flat, he said, quoting the complaint.
After collecting money from the victims, the accused allegedly conspired to divert the funds to their personal and other bank accounts instead of using them for the housing project, the official said.
The accused also sold one flat to two persons after taking money from both and cheated them as well, he said.
The EOW registered the case against the accused on charges of cheating and criminal breach of trust, and a probe was on into it, the official said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
 "Smog, Delhi Pollution, Delhi Air Quality, Pollution")
 "Allahabad High Court")
 "Donald Trump")
 "Mansukh Mandaviya")
 "Cyclone")
