A shocking fraud case has unfolded in Mumbai, leaving homebuyers devastated and the courts taking action. The Zeus Housing scandal has rocked the city, with a director now facing serious consequences.
Poonam Ashit Doshi, a director of Zeus Housing & Construction Ltd, has been denied pre-arrest bail by the sessions court. This decision comes in response to an alleged cheating and misappropriation case linked to the Zeus Residency project in Sion Koliwada. Homebuyers claim they've lost crores, and the Economic Offences Wing (EOW) of the Mumbai police is investigating.
But here's where it gets controversial... The EOW accuses Doshi and her husband, also a director, of diverting over ₹77 crore from homebuyers in an SRA project. Despite selling nearly 100 flats and collecting over ₹1,000 crore, the Doshis failed to complete construction, allegedly routing buyers' funds elsewhere.
In a detailed order, the court highlighted Doshi's active role, noting she signed agreements as an authorized signatory and promoter. She personally signed 17 sale agreements and two allotment letters, and the couple even sold some flats twice! The judge remarked that funds were diverted to other companies and used for personal expenses.
The court rejected the defense's claim that Doshi was a nominal director, stating she was part of core operations from the project's start. The judge emphasized, "The applicant is not a mere non-executive director but an active director of the company."
And this is the part most people miss... Doshi's lack of cooperation with the investigation and her failure to disclose involvement in another criminal case at Antop Hill police station in 2023 were noted by the court. This omission was seen as an attempt to conceal information, reflecting poorly on her conduct before the court.
Given the scale of the alleged fraud and evidence of direct involvement, the court concluded that custodial interrogation could not be ruled out. The nature and gravity of the offense weighed heavily against granting bail.
This case stems from multiple homebuyers' complaints, with construction incomplete and possession not handed over a decade after booking. In August 2024, the same court rejected Ashit Doshi's anticipatory bail plea, and he has since approached the Bombay High Court.
The Zeus Housing scandal raises questions about accountability and justice. What are your thoughts on this case? Feel free to share your opinions and engage in a discussion in the comments below!
