Mumbai: EOW Registers Case Against Radius Sumer Developers For Alleged ₹35.71 Crore Fraud In Mazgaon Project

Mumbai: A case has been registered against Radius Sumer Developers Pvt. Ltd., along with real estate developers Sanjay Chhabria (51) and Rahul Shah (37), at the Bandra-Kurla Complex police station, for allegedly defrauding two brothers of Rs 35.71 crore by compelling them to invest in a project in Mazgaon. The Economic Offences Wing (EOW) is conducting further investigations into the matter, Said EOW Official.

This case was filed based on a complaint from Mahesh Mirani (67), a resident of Bandra West. According to the complaint, the accused persuaded Mahesh Mirani and his brother Purushottam Mirani to invest in their Harbour Heights project in Mazgaon. The accused assured them 18,181 square feet of carpet area at a rate of Rs 28,875 per square foot, prompting a total investment of Rs 52.50 crore.

Together, Mahesh and Purushottam Mirani invested Rs 21.94 crore in advance under the name of their Metro Investment Partnership firm in Radius Sumer Developers' project. However, as per the agreement, no construction work was undertaken within two years. In April 2019, a cancellation agreement was signed, under which the accused agreed to return Rs 35.71 crore and issued cheques accordingly.

The cheques, however, bounced due to insufficient funds. The Mirani brothers became convinced that the accused had used their investment for personal gain, defrauding them financially. They ultimately approached the police and filed a complaint with the EOW. Following a preliminary investigation, a case has been registered in connection with the incident.