Hundreds of People Defrauded of Buying Property, Total Losses Reach Rp 188 Billion
Jakarta, CNBC Indonesia - Mumbai police registered a major real estate fraud case on Wednesday. This case involves a property developer who defrauded hundreds of homebuyers out of 100 crore rupees (Rp 188 billion).
This case adds to the long list of fraud scandals in India's real estate sector. The developer then diverted the funds for the personal benefit of the owner and his wife.
Citing Rediff, Thursday (6/10/2025), the first case was opened by the Mumbai Police's Economic Offences Wing (EOW). The initial investigation was based on a complaint filed by Anil Dron, a 62-year-old public accountant and a Mumbai resident.
Authorities then identified the main accused as a real estate developer named Subbaraman Anand Vilaynur and his wife, Uma Subbaraman. Their company, B P Gangar Constructions, and several other parties were also charged.
It is reported that around 102 people have been defrauded of 1 billion rupees since 2018. The funds were collected by promising to sell apartment units in a housing project called 'Sky 31' located in Wadala (West), Mumbai.
"However, after collecting the money from the victims, the accused allegedly conspired to divert the funds to their personal bank accounts and other accounts, instead of using them for the promised housing project development," the EOW said.
The fraudulent scheme was further compounded by the discovery that the accused also sold one flat to two different individuals. They received money from both buyers, resulting in double losses.
The EOW has now registered a case against the accused on charges of cheating and criminal breach of trust. A thorough investigation into the case is underway to uncover the entire network and the flow of misappropriated funds.
https://www.cnbcindonesia.com/news/20251106142143-4-682889/ratusan-orang-tertipu-beli-properti-total-kerugian-rp-188-m
This case adds to the long list of fraud scandals in India's real estate sector. The developer then diverted the funds for the personal benefit of the owner and his wife.
Citing Rediff, Thursday (6/10/2025), the first case was opened by the Mumbai Police's Economic Offences Wing (EOW). The initial investigation was based on a complaint filed by Anil Dron, a 62-year-old public accountant and a Mumbai resident.
Authorities then identified the main accused as a real estate developer named Subbaraman Anand Vilaynur and his wife, Uma Subbaraman. Their company, B P Gangar Constructions, and several other parties were also charged.
It is reported that around 102 people have been defrauded of 1 billion rupees since 2018. The funds were collected by promising to sell apartment units in a housing project called 'Sky 31' located in Wadala (West), Mumbai.
"However, after collecting the money from the victims, the accused allegedly conspired to divert the funds to their personal bank accounts and other accounts, instead of using them for the promised housing project development," the EOW said.
The fraudulent scheme was further compounded by the discovery that the accused also sold one flat to two different individuals. They received money from both buyers, resulting in double losses.
The EOW has now registered a case against the accused on charges of cheating and criminal breach of trust. A thorough investigation into the case is underway to uncover the entire network and the flow of misappropriated funds.
https://www.cnbcindonesia.com/news/20251106142143-4-682889/ratusan-orang-tertipu-beli-properti-total-kerugian-rp-188-m
Latest News
