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In the heart of Mumbai’s luxury real estate market, a story of trust and betrayal has come to light. The Economic Offences Wing (EOW) of Mumbai Police has arrested Ramesh Shah and his son Rahul Shah, the driving force behind Radius Sumer Developers, for allegedly orchestrating a ₹35.7 crore fraud in the ill-fated Harbour Heights project at Mazgaon.
It all began with a promise. Harbour Heights was marketed as a golden opportunity, especially for NRIs looking to invest in India’s booming property sector. Among those lured by this vision were Mahesh Mirani, a Bandra West resident, and his Hong Kong-based brother, Purushottam Mirani. The duo invested ₹21.94 crore in advance, enticed by the prospect of owning 18,181 square feet of prime carpet area at a premium rate, with a total commitment of ₹52.5 crore.
But the dream quickly unraveled. Despite agreements and repeated assurances, no construction took place for two years. In April 2019, a cancellation agreement was drawn up, with the developers promising to return ₹35.71 crore. The cheques issued bounced, leaving the Mirani brothers and dozens of other investors in the lurch.
The EOW investigation revealed that the father-son duo, along with other directors, had allegedly duped not just the Mirani brothers but also 77 other flat buyers. The Harbour Heights project, once envisioned as three soaring towers of 25 stories each, never moved beyond the plinth level. Investors were left with nothing but empty promises and dishonoured cheques.
The Shahs were arrested from their upscale Gamdevi apartment and produced before a special MPID court, which remanded them to police custody. The case, registered under cheating and depositor protection laws, underscores the risks faced by homebuyers and investors in high-profile real estate projects.
The Harbour Heights saga is a cautionary tale for anyone navigating India’s real estate landscape. Despite high-profile marketing and big promises, due diligence and vigilance remain crucial. As the case unfolds, it serves as a reminder that transparency and accountability are non-negotiable in property investments.
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