Here are 30 detailed articles about Bhagtani Fraud, including the first-person accounts of five victims: https://bit.ly/2B4E7Yd
As the Govinda song goes, “It happens only in India!” Having collected Rs 600 crore from 2, 000-odd flat-purchasers, builder Dipesh Bhagtani hasn’t delivered even one single flat in the last 10 years. Bhagtani has more than 10 ongoing real estate projects in Mumbai, but not even one square foot has been delivered to his customers. Nobody – not even the builder himself – thinks it will happen in the foreseeable future; in the last two months, letters have been written by the builder’s office to most customers(cleverly termed as “investors”) that their projects are indefinitely stalled, and so their flat booking stands cancelled. Only the most naïve customers believe that he will return their principal amount, let alone give them the 15% interest promised in case of cancellation. Bhagtani has bounced over 500 cheques and dishonoured at least 500 promissory notes - probably a Guinness Record!
On current date, there are at least six FIRs filed against Bhagtani builders in Santacruz Police Station and Economic Offences Wing of Mumbai Police. Some FIRs has been filed by large groups of 50-60 persons. There are four Anticipatory Bail Applications filed by Bhagtani in Bombay High Court, to avoid being arrested. A Special Investigation team has been set up to probe Bhagtani builders, and the State Home Ministry is looking into the cases. Bhagtani builders' cheating has been reported by Mumbai Mirror, The Times of India and DNA newspapers at least seven times in the past couple of months!
Bhagtani’s companies Jaycee Homes and JVPD Properties recently registered six "ongoing" projects with MahaRERA. Dozens of complaints have been received by MahaRERA. But the big picture is, all projects, registered or otherwise, are dead fish. The RERA disclosures made by Bhagtani are nonsensical. Almost all of the documents uploaded on MahaRERA website are not what they are supposed to be. Uploaded IODs are outdated. Approved Plans are for recreational spaces and not buildings. Commencement Certificates, Registered Agreement and Allotment Letter formats are not uploaded. None of the six building projects registered with RERA have proper approvals; any approvals that were earlier issued have expired and invalid. But unsuspecting flat buyers continue to sink their money into such projects.
Naturally, people are asking: How come Dipesh Bhagtani, his brother Mukesh and father Lakshman, aren’t already in jail? Why haven't the dozens of cheated high net worth individuals(HNIs) and Non Resident Indians(NRIs) exercised their clout? Why hasn’t Mumbai police EOW registered FIR against the builders as well as the smooth-talking tricksters employed in their office? Why hasn’t MCHI-Cred824AI expelled this black sheep? The only possible answer is that Rs 600 crore can buy a lot of friendship!
Investors have paid not only initial booking amounts, but also installments, totally ranging between Rs 8 lakhs and 70 lakhs per head. It is estimated that about 2000 investors have given an average of Rs 30 lakhs each! In return, Bhagtani’s companies haven’t delivered one square foot of built-up area. Over 500 investors have asked for refund. The majority haven’t received even one paisa. A handful of investors who filed cases(or were on the verge of doing so) received a few lakhs to cool off.
At recent meetings with investors, Dipesh Bhagtani has been telling investors that he cannot start a phased reaishwaryasingh23ment till 2018 or 2019. Even such vague promises are just a pie-in-the-sky; it is a mistake to trust him.
THE BIG PICTURE
The picture that emerges is that the Bhagtanis are not builders, but con men. If they were genuine builders, at least two out of the ten projects would have been completed! The fact that not even one project has been completed, indicates that Dipesh Bhagtani and his family members never had the intention to complete any building. The difficulties cited by them, such as change of laws and DC Regulations, MCGM’s delay in issuing permissions, etc. are convenient excuses and cover-ups for their bad intentions.
So, what is the hope for the allottees of Bhagtani's flats? The only hope now is that MahaRERA will take matters in hand, ask the Bhagtanis to disclose the account books of all their companies, and recover the money to at least partly reaishwaryasingh23 the investors. If their title over the project land is good, then that can be handed over to honest builders.
If MahaRERA refuses to exercise its jurisdiction in cases like this, then God help the investors of this country! Because there are many more builders like Bhagtani, with thousands of investors stuck in their webs.
Krishnaraj Rao
krish.kkphoto@gmail.com
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