Dreams Deferred: Mumbai EOW Nabs Developers Behind ₹35.7 Crore ‘Harbour Heights’ Scam
Mumbai – What began as a dream investment in the Mumbai skyline has unraveled into a cautionary tale of deception and dashed hopes. The Economic Offences Wing (EOW) of the Mumbai Police has arrested veteran real estate developer Ramesh Shah (65) and his son Rahul Shah (40), the promoters of Radius Sumer Developers Pvt. Ltd., for orchestrating a real estate fraud totaling ₹35.7 crore linked to the now-defunct ‘Harbour Heights’ project in Mazgaon.
The arrests come in connection with a sprawling criminal complaint registered last November, revealing how the Shahs allegedly lured investors including 78 flat buyers and two Non-Resident Indian (NRI) brothers into a premium housing project that never moved beyond paper.
The Bait: A Towering Promise
The Harbour Heights project, envisioned as a luxurious complex with three 25-story towers, was aggressively marketed to high-net-worth individuals and NRIs as a safe and lucrative entry into India’s booming property market. Among those who bought into the dream were Mahesh Mirani (67) of Bandra West and his brother Purushottam Mirani, an NRI based in Hong Kong.
The Shahs allegedly promised the Miranis 18,181 square feet of carpet area at an exclusive rate of ₹28,875 per square foot, prompting an upfront investment of ₹21.94 crore through the brothers’ firm, Metro Investment Partnership. The total commitment was expected to be around ₹52.5 crore.
But the promise collapsed. According to EOW officials, not a single brick was laid, and the construction site remained dormant for over two years, violating contractual timelines.
The Deception: A Cancelled Deal and Bounced Cheques
By April 2019, the investors, realizing they had been misled, signed a cancellation agreement with the Shahs, who then promised to return ₹35.71 crore the refund including part of the initial investment and promised interest. However, cheques issued by the developers bounced due to insufficient funds, triggering a legal battle that culminated in the recent arrests.
A senior EOW officer remarked, “This was not an isolated case of project delay. It was a deliberate, systematic effort to extract money without any intention of delivering the promised property.”
Wider Fallout: 78 Homebuyers Left in Limbo
Beyond the Miranis, 77 other individuals who booked flats in the project were similarly defrauded. Many of them had poured life savings into what was sold as a dream home in one of Mumbai’s most coveted neighborhoods. These investors, too, have joined the complaint, swelling the total fraud estimate and further complicating the case.
The father-son duo was apprehended at their luxury residence in Gamdevi and produced before the Special MPID (Maharashtra Protection of Interest of Depositors) Court, which remanded them to police custody for further interrogation.
A Pattern of Real Estate Scams?
The Radius Sumer Developers case adds to a growing list of real estate scams in Mumbai where projects are marketed heavily to investors especially NRIs only to be abandoned midway or never started at all. Experts say the lack of regulatory enforcement and slow legal redress often embolden repeat offenders.
Looking Ahead
The EOW continues its investigation, probing whether additional shell companies or accomplices helped funnel or launder investor funds. Authorities are also examining whether Sanjay Chhabria (51), a co-accused named in the original FIR, played a larger role in the fraudulent enterprise.
For the dozens of duped investors, justice remains a distant hope, but the recent arrests are a crucial step toward accountability.
“Real estate dreams in Mumbai come at a premium but when builders manipulate trust, it’s not just homes that collapse, but lives too,” said one of the aggrieved buyers.
If you’re an investor or homebuyer, this case is a stark reminder: due diligence is not just advisable it’s essential.
