July 29, 2025

In Mumbai, the city police's economic offences wing has taken significant action against two real estate brokers, Amit Bhagwan Wadhwani and Vicky Bhagwan Wadhwani, directors of Sai Estate Consultants Chembur Pvt Ltd. They have filed a chargesheet in connection with an alleged cheating case amounting to over Rs 11 crore, showcasing the increasing vigilance of authorities in the realm of economic offenses. The case traces back to last year when the Wadhwanis, along with builder Lalit Tekchandani, were implicated in a previous cheating allegation worth Rs 3.4 crore. The recent chargesheet relates to a complaint made by Manish Tulsidas Thakkar, director of the advertising agency MAD (India) Pvt Ltd. Thakkar accused the Wadhwanis of defrauding his agency by failing to settle payments for services rendered from June 2017 to January 2024, resulting in a considerable monetary loss. According to an FIR filed by the Chembur police, MAD (India) executed multiple advertising campaigns for Sai Estate Consultants, which included prominent hoardings and extensive bulk SMS promotions. Overall, the total dues reportedly exceeded Rs 17 crore; however, the Wadhwanis only managed to clear less than Rs 6 crore. This discrepancy raised significant concerns and prompted further action from the affected party. In response to Thakkar's attempts to recover the outstanding dues, the allegations indicate that he faced threats and was reportedly manhandled by bouncers at the Wadhwanis’ office premises. Such actions led to the charges of criminal intimidation being levied against Amit Wadhwani, marking a severe escalation in the dispute. Moreover, the chargesheet reveals that when questioned about the missing funds, the accused claimed that the money had been diverted to cover personal and business expenses, providing little solace to the aggrieved party. This scenario underscores not only the financial malpractice but also adds layers of intimidation that intimidate victims of fraud. The implications of such cases extend beyond the immediate parties involved, raising questions about the governance in the real estate sector and the practices employed by some businesses. The allegations, once proven, could lead to serious legal repercussions for the Wadhwanis and their associates. As the case unfolds, it is pivotal for businesses within the real estate and advertising sectors to maintain transparent financial dealings and uphold ethical standards to avoid falling into similar traps. With these developments, the economic offences wing is highlighted as a vital player in addressing such fraudulent activities, ensuring that business practices are fair and lawful. Victims of fraud in similar circumstances are encouraged to come forward, emphasizing the importance of accountability in business transactions and the role of law enforcement in ensuring that justice is served. As more details emerge from the ongoing investigations, stakeholders will be observing closely how the situation develops, and what it means for the future governance of real estate practices in Mumbai.

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Tags: Real estate fraud, Mumbai, Chargesheet, Economic offences, Sai estate consultants,