Tag: Economic Offences Wing

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FIR Against Ocean Seven Buildtech for ₹217 Crore Housing Scam

GURUGRAM: The Economic Offences Wing (EOW) of Delhi Police has initiated an FIR against Ocean Seven Buildtech Pvt. Ltd. (OSB) and its Managing Director Swaraj Singh Yadav for allegedly deceiving homebuyers and misappropriating funds from the Expressway Towers project in the region. Launched in December 2016 under the Pradhan Mantri Awas Yojana (Urban), the project has yet to be completed, despite receiving over ₹217 crore, which amounts to over 95% of the buyer payments. The project, which includes 1,089 flats (1BHK and 2BHK) situated across 7.5 acres, had promised possession by 2022. The FIR, lodged on October 15, resulted from…

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EOW Books SSLS Real Estate for Cheating Investors of ₹19 Crore

HYDERABAD: The Economic Offences Wing (EOW) of Cyberabad police has initiated legal proceedings against the promoters of SSLS Real Estate & Constructions for allegedly embezzling approximately ₹19.4 crore from local investors. A complaint filed by Miyapur businessman Badari Nadh Gelli states that the scheme began in July 2023 when a mutual acquaintance, Mohan Muralidhar, organized a meeting at Lodha Meridian, Kukatpally. During this meeting, K. Upendra and his father, Atchuta Rao, purportedly presented themselves as reputable developers with extensive projects in Telangana and Andhra Pradesh, soliciting investments for a rapidly expanding property portfolio. Enticed by their promises of quick repayment…

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Bombay HC Reprimands EOW Officials for Misusing Arrest Powers

MUMBAI: The Bombay High Court granted interim bail to Mamta Digvijay Singh, sharply criticizing the Economic Offences Wing (EOW) for what it called a clear misuse of arrest powers. The division bench, comprising Chief Justice Chandrashekhar and Gautam A. Ankhad, expressed concern over her arrest on September 10, which occurred almost three months after her last statement on June 18. On September 12, the EOW apprehended directors Mangesh Kadam and Mamta Singh based on a complaint from Rajat Jhunjhunwala. He accused them of falsifying MGT-7 forms and counterfeit shareholding certificates for Shajas Developers Pvt Ltd and its subsidiary JLS Realty…

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Mumbai Builder Charged ₹13 Crore in Fraud by Economics Wing

MUMBAI: The Economic Offences Wing has filed a chargesheet against builder Lalit Jain for falsifying property documents and defrauding a businessman from Nagpur by persuading him to invest ₹12.50 crore in a redevelopment project in South Mumbai. Jain failed to reveal that the property, Sanjana Building in Malabar Hill, was embroiled in litigation with the Waqf Board. Jain convinced the complainant, Mahesh Goyal, and his family to invest ₹12.50 crore in the project with promises of a 45% equity stake in his Safeway Project Pvt. Ltd. and an annual return of 18%. However, only 25% of the shares were actually…