India, July 11 -- After eight years on the run, the Economic Offences Wing (EOW) has arrested builder Abhishek Vyas who was involved in an alleged Rs.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 FIR...