Builder held after 8 yrs on the run in ₹25cr housing fraud case

MUMBAI: After eight years on the run, the Economic Offences Wing (EOW) has arrested builder Abhishek Vyas who was involved in an alleged ₹25-crore housing fraud case that duped around 40 flat buyers

MUMBAI: After eight years on the run, the Economic Offences Wing (EOW) has arrested builder Abhishek Vyas who was involved in an alleged ₹25-crore housing fraud case that duped around 40 flat buyers.

Vyas was arrested on Friday from a five-star hotel in Santacruz based on a tip-off and technical surveillance, police said. He was produced before a court, which remanded him to judicial custody.

According to investigators, Vyas ran a company called A & A Shelters and launched a housing project in Kandivali in 2010. He allegedly promised buyers possession of houses within three years.

However, even after making payments for nearly six years, the buyers did not receive their flats and approached Amboli police, leading to six FIRs being registered against him. The EOW estimates that around 40 buyers were duped of nearly ₹25 crore.

Police said Vyas had also undertaken redevelopment of several housing societies in Amboli but allegedly failed to hand over redeveloped homes or pay rent.

In 2018, after chargesheets were filed against him, Vyas secured bail, however, he later stopped attending court hearings. Following this, a non-bailable warrant was issued against him and he had been absconding since.

EOW deputy commissioner of police Sangramsinh Nishandar confirmed the arrest, saying the accused had been traced after eight years through intelligence inputs and technical evidence.