Mumbai’s Economic Offences Wing (EOW) has launched a formal investigation into a high-value housing fraud involving approximately ₹100 crore in advances collected for the “Sky 31” housing project in Wadala (West).
According to the FIR, developer Subbaraman Anand Vilaynur, along with his wife Uma Subbaraman and firm B P Gangar Constructions Pvt Ltd, collected funds from 102 homebuyers since 2018 under the promise of delivering flats in the Sky 31 project. In many cases, the advances were diverted into personal accounts instead of being used for project development.
One of the standout charges is that the same flat was allegedly sold to two different buyers—an instance of double-booking that underscores the depth of the alleged fraud.
The complaint—filed by a chartered accountant resident of Kandivali (West), who alleged irregularities in fund allocation and project progress—triggered the probe. The case has been registered under IPC Sections 420 (cheating), 406 (criminal breach of trust) and 34 (common intention).
With urban property markets under pressure and trust in developers already fragile, the incident has wider implications for transparency and accountability in real-estate dealings. Analysts note that while regulatory improvements such as the Real Estate (Regulation & Development) Act (RERA) and escrow-fund mandates aim to protect buyers, enforcement gaps still allow large-scale alleged frauds.
For prospective homebuyers, this case serves as a cautionary tale: conducting thorough due diligence, verifying project approvals, reviewing escrow account disclosures, and checking promoter track-record are critical steps in safeguarding investments. Maintenance of documentation and legal recourse avenues, especially for large-ticket purchases, remain important in a market where capital commitments of this magnitude are involved.
