The fate of One Melbourne, a $1-billion, four-tower precinct in Melbourne’s Southbank, hangs in the balance as plans for the 1.2ha site are torn up and the developer’s founders are reportedly in an Indian jail facing embezzlement charges. 

DEC Australia, a subsidiary of Dheeraj and East Coast, amalgamated three sites at 400-430 City Road for a total of about $26 million after spending almost $60 million on four sites in 2008.

The project was initially launched in 2009 at a lavish event at Crown with the-then Victorian planning minister Justin Madden and the Victorian and New Zealand cricket teams in attendance.