Mumbai: Real estate developer booked for Rs 100 crore housing fraud

The officials on Thursday said that the police have registered a case against a real estate developer and others for allegedly defrauding homebuyers of Rs 100 crore by promising flats in Mumbais Wadala area and diverting the funds for personal use reported news agency PTIThe polices Economic Offences Wing EOW registered the case on Wednesday after the preliminary enquiry based on a complaint filed by 62yearold Chartered Accountant Anil Dron a resident of Kandivali in Mumbai an official said reported PTIThe 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 reported PTIAfter 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 saidThe accused also sold one flat to two persons after taking money from both and cheated them as well he said reported PTIThe 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 saidNavi Mumbai police bust trading fraud with links to China Cambodia 7 heldIn another case the Navi Mumbai police have uncovered a share trading fraud network allegedly linked to cybercriminals in China and Cambodia and arrested seven persons who duped investors of crores of rupees officials said reported PTIAs a result of this breakthrough the cyber police have frozen 118 bank accounts across various states in India securing a total amount of Rs 325 lakh linked to the fraudulent transactions they saidThe cyber crime branch unearthed the fraud while probing the case of a victim who was cheated of Rs 107 crore the officials said reported PTIThe fraudsters targeted several victims between September 2 and October 8 luring them into sending money to multiple bank accounts after promising high profits in share market trading through investment advertisements on various social media platforms reported PTIThey used a fake application to show a large but virtual profit on the invested amount luring the victims to invest larger sums based on the false profit display The fraudsters later refused to return the victims original investment according to the policeThe police operation which involved days of intensive investigation across various hotels resulted in the dismantling of a network connected to cyber fraudsters in China and Cambodia the Navi Mumbai police said in a release on TuesdayThe cyber police team initially arrested Suresh Talekar 29 and his accomplice Vikas Awhad 30 from Pune reported PTIFurther investigation of a third accused not arrested indicated that he had met three unknown Hindispeaking individuals suspected to be from another state at a hotel in Mahape Navi Mumbai to hand over SIM cards linked to certain bank accounts the release said reported PTIThe police inspected 35 to 40 lodges and hotels across Mahape Sanpada Koparkhairane APMC Vashi areas in Navi MumbaiThey nabbed five persons from a hotel in Vashi and arrested them in connection with the crime the release said without identifying themThe interrogation of the accused indicated a direct international link as three of them were in touch with cyber fraudsters in China and Cambodia via the Telegram app the police saidThe main role of the accused was to use an application to forward the onetime passwords OTPs generated by current bank account transactions to their handlers abroad they said reported PTIThe police appealed to people to be careful of advertisements for investment in the stock market on social media and not succumb to the temptation of making high profitsWith inputs from PTI