Sunday, 31 December 2017

Bhagtani ABA proceedings: Are High Court judges generally incompetent or corrupt?

Mumbai, 1 January 2018: Happy New Year and welcome to 2018. Are Bombay High Court judges only incompetent, or are they also corrupt?

Take a look at the Bhagtani hearings and understand why such a contemptuous question arises about Bombay High Court judges in general.

In the course of the proceedings in Anticipatory Bail Application (ABA) no 1725 and 1533 of 2017, Diipesh, Mukesh and Lakshman Bhagtani have successfully exposing the infirmities of the court since mid-August 2017. Hrishikesh Mundargi, Mahesh Jethmalani, the Public Prosecutor and other "officers of the court" are abetting in this criminal activity. Although all of them passed orders that appeared strict, the overall effect of 12 hearings conducted by Justice Revati Mohite Dere, Justice A M Badar, Justice Anuja Prabhudessai and Justice AS Gadkari is to give Bhagtanis interim protection from arrest for nearly four months, without any genuine compliances. TIME is what the Bhagtanis desperately need for diversion of funds and destruction of evidence, and time is what the High Court is generously giving them. JUSTICE is what thousands of Bhagtani victims want, and Justice is what the High Court is NOT giving them.



1) Three out of four judges did not ask about whereabouts of the three accused. Mukesh and Lakshman Bhagtani have been abroad throughout the abovementioned 12 hearings. Only at the last hearing on 20th December, 2017 did a high court judge insist on Dipesh Bhagtani's appearance, and held over the matter for the post-lunch session... and you know what? Dipesh Bhagtani didn't appear even then! Understand this: Diipesh Bhagtani appears at EOW interrogations and RERA hearings regularly, every other day, but he has the audacity to not appear before the High Court, even when he is specifically summoned by a judge! Issko kehte hain REAL POWER!

2) Three out of four high court judges showed no interest in impounding the passports of the accused. Justice Mohite Dere, Badar and Prabhudessai didn't even consider impounding the passports. The accused are still free to travel abroad, carrying out their money-laundering and fraudulent activities, and destroying the evidence of their crime, despite Justice Gadkari's orders on 20th December, 2017.

3)  Not a single judge has asked the accused to submit bank statements of all their companies, IT returns, audited books of accounts etc. It is evident on the face of the record that the Bhagtanis are accused of defrauding many hundred crores from the public, and diverting or misappropriating the funds. Doesn't commonsense dictate that the judges should ask the accused to present basic financial details about themselves?

Although Bombay High Court reportedly ordered the Bhagtanis to surrender their passports to Economic Offences Wing by 25th December, the order hasn't been uploaded till date. As expected, the Bhagtanis haven't complied, and in this, they appear to have the active connivance of many different parties, including Senior Counsels Jethmalani and Mundargi. 

Do they have the active cooperation of Justice Gadkari also? You tell me.

And therefore, this big question arises: Are Bombay High Court judges only incompetent, or are they also corrupt?

Krishnaraj Rao

PS: Does somebody want to initiate criminal contempt proceedings against me? Go ahead, make my day! Happy new year.

Tuesday, 19 December 2017

Judicial Remedies for Bhagtani Victims in Kaliyuga

Mumbai, 19th December, 2017: Based on Bombay High Court's spoken order yesterday, Bhagtani's victims have cause for optimism again. Although this is not reflected in Justice AS Gadkari's written order, tomorrow's proceedings may confirm this. It appears now that Bhagtani's victims will get their money back, but several questions remain. Will ALL the flat buyers from all the projects -- Riyo, Serenity, Sapphire, Savannah, Krishaang and others -- get their money back? When? And how much? In an ideal world, Judiciary will just hold Diipesh, Mukesh and Lakshman Bhagtani upside down and shake them until all the money falls out of their pockets into the hands of the court receiver.

In an ideal world, Judiciary will then call each victim by name -- regardless of whether he is an intervenor or not -- and refund not just the booking amounts, but also 15, 18 or 24% interest PLUS compensation for legal expenses and mental trauma and loss of real-estate appreciation. Every single innocent victim of Bhagtani gets his just dues; truth prevails and crooks go to jail. In an ideal world... Happy Ending!!!

But sadly, we are not living in an ideal world. So anybody who makes decisions based on IDEAL WORLD SCENARIOS will be disappointed. So, what are the REAL WORLD SCENARIOS based on which you should make your decisions? 


1) NOT ALL VICTIMS GET THEIR MONEY BACK. Unfair as it sounds, those who are engaged in the legal process as complainants, intervenors, petitioners, etc. may get their money back, and not others. Those who take pains to engage in court battles have better chances. People who remain engaged will get priority. Those who remain silent and passive will be left scraping the bottom of an empty barrel. Unequal and unfair distribution is a fact of life; try to be in the front of the queue when the goodies are being handed out. Become an intervenor.

2) NOT ALL THE MONEY COMES BACK. In an ideal world, Bhagtanis have carefully invested all the money collected in good assets, and these assets will be liquidated under ideal conditions, to realize their full value. In the actual world, however, none of this is true. Bhagtanis are squandering money on posh cars, five-star lifestyle and frequent foreign visits, and they are actively diverting, misappropriating, money-laundering and paying commissions, bribes and expensive senior counsels. So, is there enough to repay everybody with 15% interest and compensation? No.

3) ALL VICTIMS AREN'T EQUAL. In an ideal world, the court should distribute recovered assets proportionately, and should never discriminate between Mr A who booked in Savannah and Mr B who booked in Riyo. However, in the real world, Riyo and Serenity are currently ahead in the race, and Sapphire, Savannah, Krishaang, etc., are far behind. (But still, don't lose heart. Stay alert because judicial opportunities may suddenly arise, or victims may be able to create their own opportunities with legal cleverness!)

4) TRUTH WILL NOT ULTIMATELY PREVAIL; CUNNING & LIES WILL. Why is it that Diipesh Bhagtani can cunningly create so many legal escape routes by bending the truth, but Bhagtani's victims cannot create roadblocks by bending the truth? Have you seen a single instance where the court punished people for telling lies? Bhagtani tells dozens of huge lies in order to keep your hard-earned money, and you are only telling the truth in  your legal battle get your money back?!! Why? Have you sworn to only speak Truth like Prince Yudhisthir or Raja Harischandra? Bhagtani took the money that rightfully belongs to your aged parents, your wife and children. He has destroyed your chances of ever owning a home, and he has prevented your children from going abroad... Is there a greater truth than that? All you can do is beg and plead with the judiciary to give your money back? Is that the best you can do? Because you are truthful, innocent and righteous citizens, and not a cunning crook like Bhagtani? Ask yourself if you are doing the best that you possibly can. Think with an open mind about all the legal attacks you may have at your disposal.

5) SHEEP MARCH UNITED TO THE SLAUGHTER. In an ideal world, unity is a great virtue, and your group leaders have your best interests at heart. But in the real world, people with blind faith or herd mentality are exploited. Even today, there are WhatsApp groups where people are told not to communicate with outsiders. In some groups, people are still not filing FIR or intervention, because they think Bhagtani will "settle with them personally" and give them an opportunity to transfer to another project. "We don't want to send Bhagtani to jail, we only want our money back," is the most frequently heard mantra. Big mistake!

Great strides have been made by Bhagtani victims in the last 3-4 months. Nevertheless, out of the 2500 persons cheated by Bhagtani, only 500 are out here fighting for their rights. Roughly 80% of the victims are still out there, isolated and blissfully ignorant, or corralled like sheep inside WhatsApp groups run by the builder's stooges. If you are a member of such a group, exit the group immediately and consider filing FIR and/or becoming an intervenor in ongoing criminal proceedings, in the High Court or Sessions Court. Or, better still, apply your mind creatively on how to deliver a legal blow that Bhagtanis cannot possibly anticipate.
Krishnaraj Rao

Sunday, 17 December 2017

Again, Jadugar Bhagtani hypnotizes flat-buyers and cheats them!

Mumbai, 17th December, 2017: Diipesh Bhagtani's amazing talent for scamming was on full display yesterday at Bandra's Rang Sharda Auditorium, in front of several hundred angry home-buyers determined to get their money back immediately. After repeatedly promising to repay their money with interest for years, and breaking that promise every single time, guess what? He made another promise to them yesterday, and guess what? Happy with his promise to repay them in six months, people ended up giving Bhagtani what he wanted i.e. a No-Objection-Certificate for granting anticipatory bail signed by the lawyers representing over 300 home-buyers in Riyo, Sapphire, Serenity and Savannah projects. People were hypnotized into thinking that Bhagtani had given them a genuine undertaking to repay their money with 15% interest within six months.

Many hours after the meeting, people awoke from Dipesh Bhagtani's hypnotic spell realized that Bhagtani had taken what he wanted i.e. the joint signatures of their lawyers on the minutes of meeting drafted primarily by him, without giving them anything in return. His promises were nothing new -- just the same thing that he has been saying all along.


Bhagtani wants anticipatory bail in the multiple cheating cases against him. Through a lot of clever maneuvering, Bhagtani's legal team has managed to club together three FIRs in High Court, and two in sessions court, covering four projects namely Riyo Mire Road), Sapphire (Dahisar), Serenity (Powai) and Savannah (Kanjurmarg), where there are maximum number of cheated home-buyers. At tomorrow's hearing in Bombay High Court, and the next day in Sessions Court, Bhagtani and his team of top lawyers can produce the minutes of this meeting as a No-Objection-Certificate for getting anticipatory bail. The signed minutes-of-meeting are Bhagtani's ticket to freedom, and thr ground has been prepared by the High Court order passed on 30th November by Justice Anuja Prabhudessai. Unless all the lawyers of complainants and intervenors argue very forcefully to make the judge listen to their objections, Bhagtani's legal counsels will secure anticipatory bail tomorrow and on Tuesday.

All the points in the minutes of meeting are extremely general statements of good intentions, without any particulars and timelines that would make them enforceable. Nowhere has Bhagtani said when exactly he will "submit a detailed list of properties" as per point A, and when exactly he will hand over "project-wise list of investors mentioning therein the outstanding amount payable to investors" as per point B. Point C says that it is agreed that "said entities or their Directors/Promoters shall not create any third party rights on the aforesaid properties except without the consent and permission of the Hon'ble Court." Let us assume that the word "without" is a grammatical error, but does Bhagtani have good title to any of the "properties" that this point seems to assume? Which "properties"?

Point E says, "It is agreed that the said properties have not been sold or third party rights created..." Which properties? Without attaching a schedule of properties, such sentences are meaningless!

This is NOT a legally enforceable document. It is NOT an agreement, although it is cleverly worded to sound like an agreement. But, despite all its shortcomings, it is Bhagtani's ticket to freedom from prosecution for the next six months. After Bhagtani gets a Bombay High Court order tomorrow based on this, he can get anticipatory bail for the asking for any case registered against him for at least six months!

Please note: this minutes may not have been drafted on the spot by any of the advocates. It appears to have been drafted in advance by Bhagtani's clever lawyers. It was a trap for intervenors and their lawyers!

Jadugar Bhagtani's mass hypnotism works because of people's trusting nature, and their lack of critical and analytical thinking. He showed this bogus slide of assets and liabilities which is reproduced in today's Mumbai Mirror report:

This slide is bogus. Every single fact or figure shown in it is meaningless humbug and outright lies. Let us look at these items one by one. 

"Land of Serenity" has Rs 120 crore on both the asset and liability side, and therefore its net value is zero. Serenity and Krishaang projects in Powai were mortgaged to Xander Finance in June 2015 towards "project finance" borrowed by Bhagtani. As Bhagtani is unable to service that loan, Xander has taken over the property. Serenity does not belong to Bhagtani, and its net asset value is zero.

"Land of Sapphire" cannot be counted as an asset by Bhagtani. Sapphire is an SRA project, and Bhagtani does not have adequate permissions from the Slum Rehab Authority to confer development rights. Therefore, its net asset value is zero.

"Development Rights of Savannah" have zero value, because Bhagtani has no genuine title or even development rights. The land belongs to Sardar family, and it is the subject of a complicated litigation. Bhagtani entered into a dealing regarding development rights from one family member who is probably not even a party to the litigation.

"Development Rights of Riyo" -- what development rights? The land on which Riyo was proposed was gurcharan land i.e. traditional pasture land belonging to the state government. It is collector land, and can never be owned by Bhagtani. Bhagtani has no title and no development rights. The value of "development rights of Riyo" is zero. 

"Other properties" -- what other properties? When the entire list is humbug, and the value of each item is zero, what value can you attach to a vague term like "other properties"?


Advocates, withdraw your signatures by a written submission. All advocates must be instructed by their clients (i.e. intervenors and complainants) by an SMS, email or Whatsapp message to submit in writing a letter to Bombay High Court tomorrow, unconditionally withdrawing their signature from the minutes of meeting.  Nothing less than this will do.

Devendra Tripathi, Shraddha Dubepatil and other advocates should be asked to submit a joint statement at tomorrow's hearing, which states, "Under instruction from our clients, we are hereby withdrawing our signatures from the minutes of meeting dated 16th December, 2017, wherein we have agreed to certain conditions offered by Mr Diipesh Bhagtani. We hereby state that going into the meeting, we had no mandate whatsoever to accept on behalf of our clients any of the conditions proposed by Mr Bhagtani, and recorded in the said minutes. 

"Therefore, under instructions from our clients, we wholly reject the minutes of the meeting, and we repel any averment made on the strength of the said minutes as false and unauthorized by us. We further add that the said meeting held at Rang Sharda Auditorium on 16th December 2017 was done without proper intimation, without circulation of proper agenda of meeting, and without due process. 

"We say further that the said meeting was done in the complete absence of necessary information regarding the properties, assets, liabilities and statement of accounts of Mr Bhagtani's various entities. Moreover, the said meeting was conducted singlehandedly by Mr Diipesh Bhagtani without proper authorization to Mr Bhagtani by the various corporate entities that he represents to make any of the offers that are recorded in the said minutes. 

"The meeting was not conducted with the solemnity and due process that is required for compliance with the Hon'ble High Court's orders issued by Hon'ble Justice Anuja Prabhudessai. It was frivolously conducted, and we are under instructions from our clients to reject it entirely. 

"For all the above-mentioned reasons, we state, under instructions from our clients, that the said meeting held on 16th December 2017 was bad in law, and void ab initio. The minutes of meeting bearing our signatures are to be considered as not signed by us, and not representing the views and the interests of our clients, who are complaints and intervenors in ABA 1533 of 2017, etc. etc.


Any attempt to modify the minutes, or impose modified conditions other than what is mentioned in the minutes, will probably be ignored by the Bombay High Court judge who may have made up his mind to give Bhagtani anticipatory bail. A High Court order in favour of Bhagtani will probably be followed by the Sessions Court judge. This will result in Bhagtani getting away for the next six months, and in effect, all activities against Bhagtani will stop for six months. And after six months are over, Bhagtani will keep getting extensions of 2-3 months, and there is nothing anybody will be able to do about it.

Krishnaraj Rao

Wednesday, 13 December 2017

Is Kareena Kapoor guilty of abetting Monarch Builders?

Mumbai, 14th December, 2017: Kareena Kapoor endorsed Monarch Universal builders of Navi Mumbai builders against whom multiple FIRs for cheating have been filed. Directors Gopal Amar Thakur, Hasmukh Amar Thakur and Roshan Sudhakar Sheth were arrested in September 2017, several months after an FIR was registered in April 2017 for swindling over Rs 4.5 crore from a Dubai business and and his relatives, by falsely promising to deliver 17 flats. Associates Anand Thakur, Ashok Narayani and Sushil Makhija are still absconding. Monarch Universal has swindled over 1500 families in three Navi Mumbai projects namely Monarch Greenscapes at Panvel (880 flats), Monarch Brookfields at Taloja (320 flats), and Monarch Imperial at Kalamboli (310 flats).

These 1500 families have found the going extremely tough. Economic Offences Wing (EOW) of Mumbai police has been very slow to register FIRs; home-owners allege that police officers of EOW not only delayed in registering FIR, but also tried dissuading the complainants by asking who would return their money if the builders went to jail. The flat-owners are no closer to getting their money back, and they are stuck in various degrees of despair.

Kareena endorses Monarch Greenscapes
By endorsing Monarch builders and their realty projects, Kareena Kapoor earned crores of rupees, and she abetted Monarch Universal in swindling thousands of victims. Whether intentionally or otherwise, this glamorous film star, entrepreneur and brand ambassador participated in a huge swindle that financially ruined over 5,000 persons.

But Kareena isn't named in any police complaint or FIR. Kareena is neither in jail, nor sharing the financial miseries of the victims. Does she read about Monarch's victims in the newspapers or on social media? Is there any room for regret, pity or guilt in her tinsel-coated lifestyle? Probably not.

Of course it is legal for celebs to endorse any brand, but is it moral for them to do so, knowing that they may cause actual harm to thousands of people who are influenced by their star power? People don't buy flats due to celebrity endorsements, but their purchase decisions are undeniably influenced by the false aura of authenticity and trustworthiness that these celebrities lend to the advertisements.

Kareena endorses Monarch Universal
But enough about the glamourous Kareena Kapoor, who became the face of Monarch  Universal. Let us look at the real faces of Monarch -- the people who booked flats in these projects.

Three first-person stories of Monarch flat-purchasers:

1) Mrs Sushama Mahesh Bhounsule

I booked the residential flat in Monarch Greenscape at Panvel being developed by Monarch Universal Group in Dec 2012 by paying Rs. 12,00,000/- (30% of Flat value). After paying 10% more, we got allotment letter from Monarch and alloted a 2 BHK flat in D wing no. 1203. It was committed by builder that we will get the flat possession by 2017.

But from last 4-5 years, no work is being carried out at site. In between many times builder promised to start work but no progress till date.  Now the builder (Thakur Brothers) are in police custody.

We invested our hard earned money (Rs. 16,74,883/-) in Monarch Greenscape project and not get anything after waiting for 4 to 5 years.

It is requested to give wide publicity  through social media so that we can get justice.


2) Swati Harnesswala

Thanks for offering to help us voice our ordeal in front of the world. We had a flat in Kandivli, which we had sold off. Since that money was available with us, we were looking out for a suitable real estate investment. This was in 2012, when there was a boom in the real estate market.

During that time we had a Real Estate broker called Sanjeev Korde as a family friend. He introduced us to Monarch Builders. Since we had very little knowledge about real estate, it was difficult to choose a property and a reliable builder whom we could entrust with our hard earned money. That was the time when Sanjeev came forward to help us. He arranged a meeting with the Monarch Builders - Gopal Thakur and Hasmukh Thakur. Both the brothers, by their sweet talk, managed to convince us that they were the right people to trust. They convinced us that they were like family members to us and in the future if at anytime we were in need of money, they would give back our money immediately. All this pep talk was also endorsed by Sanjeev. All in all, it seemed to be an ideal deal for us and since the property rates were rising steeply, we thought that we would make a decent profit from our investment.

We then visited the construction site of Brookefield, at Road Pali, Taloja Sector 20 and had a look at the property. Since the location was ideal and we got a flat as per our liking, we ended up giving him cheque for the token amount of Rs. 1 Lac. in the next few days, by going to his office.

Also in due course of time, we gave him cheques for Rs. 21.4 Lacs as a full and final payment towards our flat and we also gave him a cheque for Rs. 69,216 as service tax. I also believed them enough to hand over cash amount of Rs 7.43 Lacs, by going to their office personally. Each time I was given reassurance that my money was safe and I had nothing to worry about. As a result, I relaxed after handing over my hard earned money to these crooks, not knowing that I had in fact invited an avalanche of problems.

In the next six months I tried to follow closely the progress of the project by paying regular visits to the site and also calling up the builder's office etc. I was satisfied with the progress and hence I made a second investment in another project by the same builder called Greenscapes, in Panvel. Sanjeev introduced us to a broker by the name of Anurag Mishra, who introduced us to Greenscapes.

We again met the builder and discussed the project status of Brookefield and the timelines for completion etc. He said it was on target and we could go for registration in a short time. With all his reassurance, we invested with him again. He even told us that he had his office there and could not possibly run away with our money and we could easily catch hold of him any time. Greenscapes was yet to be initiated, we paid Rs. 12.43 Lacs. and Rs. 28,874, as service tax, as 30% of the total flat cost. 

After that our real ordeal began. After few months we again started following up with the builder for agreement. We followed up with the brokers too. Initially the brokers took our calls and kept telling us that they would discuss with the builder and get our flats registered. But after few months, they both stopped taking our calls. Sanjeev, although a close family friend, also stopped responding. That is when we decided to personally go to the builder's office to find out actual situation. We got a rude shock when the receptionist told us that the builders were out of station and would call us if they wanted to and almost told us to get lost. After that we made it a ritual to call/visit the builder regularly. But they were never available and then one fine day, there was nobody in the office to talk to us. That is when we realised that something was seriously wrong. During our visits, we got talking to a few other customers like us and then we realised that we had been taken for a ride. Our entire life's savings had been wiped out and we had no clue about the whereabouts of the builders.

We shared our nos. with the other members and started a Whatsapp group. In the meantime, my husband was detected with a life threatening illness and we were in dire need of money. I tried calling up the builder/his office etc. but no response. Did not find anybody in his office too. We suffered a lot emotionally and financially. We both had to sit at home for his treatment for over a year. I had to even leave my job, since it was not possible to get so much leave.

No source of income and the heavy expenditure for the treatment, broke our backs. We had to borrow money from people to survive and here was the builder who was enjoying life with our hard earned money. We cursed him every day and managed to scrape through. Now my husband is recovering and we are trying to pick up the pieces of our lives, so to say.

But I want justice for myself and numerous other people. I not only want financial compensation, but also want them to suffer the same pain which we went through. That is why I have taken up the lead in the fight against Monarch Builders, so that we all can teach them a lesson for life.


3) Dr C S Shobha
I booked a residential flat in Monarch Greenscaspe project being developed by Monarch Universal Group. Details of property and payment are as under:
Flat no.:  1605,2 BHK Flat on the 16th.floor, Approx. Carpet area of 53.64 9.29 sq.mtrs terrace area.
Flat no.:   3103,1 BHK Flat on the 31st. floor,Approx. carpet area of  35.35 sq.mtrs. plus 5.73 sq.mtrs. terrace area
Payment details - Rs.41,54,000/= by cheque on 06/05/2014 
Rs.8,46,000/= by cheque on  10/04/2017

With reference to the above facts, sir, I wish to state that I am in a distressed state and unable to manage even my day to day expenses. I am a senior citizen and don't have much aptitude to work enthusiastically any more. I am a single parent and my only son is totally dependent on me as he is still unemployed.

I have put in all my savings that I earned during my professional life, expecting to have a decent home to live in my retired life. The builder had promised to hand over the flat within 2 yrs. of payment and I have done the full payment. The builders,Thakur brothers never kept their promise of handing over the flat nor did they pay any interest for the same. When we tried to contact them, their phone was never reachable as they had changed their nos./mobiles.

From last 3 year, no work is being carried out at site and builder isn't even meeting us.

We even came to know that same flats have been sold to multiple people.

When I insisted that I am no more interested in the said property and to please refund my money with minimal interest at least, Gopal Thakur issued me two cheques, but to my utter shock, both the cheques bounced stating "Insufficient funds!!

I have paid my hard earned money and wish to lodge criminal complaint against the directors of Monarch Universal Group (Gopal Thakur , Hasmukh Thakur, Roshan Seth & Ashok Narayani).
I request you to help me highlight my plight and the ordeal I've been through so that the concerned authorities are compelled to take necessary action against Monarch Universal directors.
P.S.:I have developed both Hypertension and Diabetes due to extreme stress,so much so that I have had to be admitted several times due to complications and stress.  I don't have enough money to continue medications regularly. 


These are real people with their real names, narrating their very real sufferings. Given that the funds have probably been misappropriated by the six partners into various other corporate entities or unregistered firms, Monarch's victims are asking by when Mumbai police will succeed in revealing the money trail, and if at all they will actually do so. And they are asking by what means can they get their money back. The answer to these questions is blowing in the winds.

No, Kareena Kapoor didn't reduce thousands of decent, well-to-do families to poverty; the Thakur family did that. But Kareena Kapoor willy-nilly participated in the criminal act. So is it wrong to ask that some criminal liability be fixed on celebrities who lend their glamour to criminals? Can we at least ask legislators to pass laws requiring celebs to take responsibility if they endorse scamsters?

Krishnaraj Rao

Friday, 8 December 2017

All Bhagtani Riyo & Serenity victims MUST become intervenors

Mumbai, 8th December, 2017: In the context of this weird Bombay High Court order, what are the key takeaways? What lessons are to be learned from this? A key lessons is that each and every Bhagtani home buyer should do two things without delay: (1) File a police complaint with EOW (2) Become an intervenor in Bhagtani's ABA (anticipatory bail application) proceedings.

People have a general tendency to wait and watch, rather than take action. They hope to benefit from the actions of others. "Let others file FIRs against Bhagtani, let them spend time and money to become intervenors. When the court orders come, they will benefit us all, right?" WRONG! The latest High Court order shows the dangers of such passivity. It is quite possible that the court order will benefit the complainants and intervenors, and not the others.

The way forward is to BECOME INTERVENORS!

Bhagtani is relatively quick to settle matters with those who create trouble for him, i.e. complainants and intervenors. Many intervenors got bank transfer of Rs 50,000/- a couple of months ago, while the others did not. Remember that? 

Courts tend to be partial to those who are parties to the case (i.e. petitioners, respondents and intervenors), and are generally blind to the interests of those who are not parties. "Why should we care about people who did not approach us?", judges seem to say.

What is the cost-benefit ratio? 

As an abundant caution, it is worthwhile for all Riyo and Serenity home-buyers to become intervenors in this case (i.e. Anticipatory Bail Application nos. 1935, 1533 and 1725). The cost of filing an intervention application varies from one advocate to another, from approx Rs 5,000/- to Rs 25,000/-. It is generally a one-time cost.

By not being an intervenor, you may save this amount. But remember, you will be left feeling sad and left-out if some order is passed favouring the intervenors, e.g. directing Bhagtani to repay the intervenors before the next hearing. Not becoming an intervenor can result in serious losses.

What are the benefits of becoming an intervenor? The main benefit is that you are able to approach the court. If Bhagtani does not repay you and falsely claims that he has repaid you, being an intervenor is probably the only way of complaining to the court and seeking corrective actions. If you are not an intervenor, you may not be able to approach the court in a timely manner.

Is there a chance that this entire case (ABA nos. 1935, 1533 and 1725) will end suddenly within the next couple of hearings, causing your intervention to be "wasted"? Yes it is possible (but unlikely) that it may end suddenly, but, given the present scenario, intervenors are quite likely to reap financial benefits.

The most powerful reason for you to become intervenors is to let the court know that a large number of Bhagtani's victims are actively participating in the proceedings, and keeping an eye on the judgements. Having several hundred people keenly observing the judge's actions is a major step towards enforcing honesty and transparency in the judiciary, police, etc.
How to become intervenors?

Below are the things to be hand delivered by the flat allottee (or their Power-Of-Attorney holder) to Adv. Shraddha Dubepatil at Office no. 8, Ground Floor, Raj Mahal Building, (Next to Brijwasi Sweets), Near Ambassador Hotel, Veer Nariman Road, Churchgate. Riyo and Serenity home-buyers may file their intervention at this address.
  • Allotment Letter
  • Cancellation Deed if any
  • Details of payments made / claim amount i.e amount paid plus interest.
  • Details of booking amount and subsequent installments paid if any.
  • Cheque/cash Rs 6,000/- towards legal expenses
 You will have to sign on the following documents at the office:
  •     Vakalatnama
  •     Intervention Application
In case of difficulties, contact Adv. Shraddha Dubepatil on 9920187873, or contact her assistant Shahbaz Aazam on 90211 21346.

All the best!

Krishnaraj Rao

Bombay HC Order is a "bouncer" for Bhagtani home-buyers

Mumbai, 8th December, 2017: Bombay High Court has bowled another bouncer at the home buyers of Bhagtani Riyo -- another surprise in a series of surprises. The written order that was uploaded on the High Court website on 5th December, 2017, says something very different from what the judge said in open court on 30th November. Justice Anuja Prabhudesai's pronouncements in open court were accurately reported in Mumbai Mirror as a COMPLETE RELIEF TO ROUGHLY 1500 HOME-BUYERS of Bhagtani Riyo (Mira Road) and Serenity (Powai). The proceedings were hailed as a pro-people order by all the advocates and intervenors who were present. In contrast, the uploaded order only gives directions FOR PARTIAL RELIEF TO ABOUT 300 INTERVENORS AND COMPLAINANTS.

Throughout the week, about 1500 home-buyers of Bhagtani have been extremely happy because they believe that Bombay High Court has at long last given a no-nonsense order! It appears that nobody has actually read the order, because the mood of optimism is still prevalent in all the Whatsapp groups of Bhagtani victims. Upon a careful reading of the order, the optimism may not be justified!


1) Bhagtani had earlier undertaken to deposit Rs 22 crore in six monthly installments with the court registrar, and based on this, he was given interim protection from arrest. If Bhagtani pays as little Rs 3.66 cr (one-sixth of 22 crore), his interim protection from arrest will continue. Nothing more needs to be done, at least in the immediate run.

2) Alternatively, Bhagtani may repay with interest OR he may offer alternative accommodation (i.e. "transfer option") to the intervenors and complainants ("first informants") who filed the first information report i.e. FIR. OR he may arrive at some form of settlement. Intervenors and first informants (and not all home buyers) will be called for a meeting on 16th December, and they will be intimated through their lawyers.

3) Curiously, the order says: "Said proposal is accepted by the learned counsel for the intervenors". Who is this learned counsel who has accepted such a proposal? Adv. Devendra Nath Tripathi who is named in the order, or someone else? This is not clear, and probably, none of the counsels for the intervenors will own up to having accepted the proposal mentioned in the uploaded order.




Adv Shraddha Dubepatil is going to approach the court on Monday to get this order rectified / clarified, and she believes that the rectified order will be according to what was earlier stated by Justice Anuja Prabhudessai in open court. 

Is her confidence justified? Or will Bombay High Court prove itself to be a Court of Surprises rather than a Court of Justice? Let us wait and watch.

Krishnaraj Rao

Tuesday, 5 December 2017

An exemplary Police Complaint against Bhagtani builders

5th December, 2017, Mumbai: Here is an example of how a police complaint should be written, in order to register an FIR against all the people who participated in the Bhagtani scam, and made it possible. Till date, about 500 victims of Bhagtani builders have submitted a written complaint to the Economic Offence Wing of Mumbai Police. This seems like a big number until you remember that Diipesh, Mukesh and Lakshman Bhagtani have defrauded over 2000 flat-buyers in half a dozen real estate projects across the city. So, 500 complainants are less than one-fourth of the total number of all the people who have been cheated in Bhagtani Riyo (Mira Road), Bhagtani Sapphire (Dahisar), Bhagtani Serenity and Krishaang (Powai), Bhagtani Savannah (Kanjurmarg) and Bhagtani Executive (Ghatkopar). Over 75% of the cheated public is still silent, passive and dormant! One hopes that they will come out during 2018, and join the public campaign. 

It is crucial to name and shame the employees, brokers, bank managers etc. who enabled the Bhagtanis to cheat you and your family of your life-savings, pensions, peace-of-mind and the house that rightfully belonged to you! Also, it is important to point out the lies and deceit in the communications, because when taken in totality, they comprise the modus operandi of Bhagtani. Please remember, every detail -- every tiny lie -- is crucial evidence, and can give valuable clues to the police, and make the difference between successful conviction and prosecution. Most people are too lazy to write detailed complaints, and this gives Bhagtanis, their employees and associates the loopholes that they requiring for escaping. Remember, if Bhagtani employees are not arrested and interrogated, Bhagtanis will definitely go free because the case against them will be weak!

The below complaint by Mahesh Adate and family is an example for everybody about how to write effective complaints that will nail Bhagtanis, their employees and associates. Please notice how Mahesh has named about a dozen employees and associates, and clearly outlined the role that they played in laying out the web of deceit. Please emulate this example!

Krishnaraj Rao

From:                                                                             Dated: December, 2017

Mrs. Mangala Dadasaheb Adate

Mr. Dadasaheb P Adate

Mr. Mahesh Adate

73/204, Evershine Moon CHS, Thakur Village

Kandivali (E), Mumbai 400101.


The ACP – EOW/The Office In Charge,


Subject: Compliant Against JVPD Properties Pvt Ltd. (Project Bhagtani Serenity- Village Tirandaz, Tal: Kurla and Project Riyo, Mira Road )


This is to brought to your notice fraud done by Mr. Mukesh Bhagtani of JVPD Ltd. And his staff at JVDP LTd. (namely Mr. Radhakrishna Kamath, Mr Anand Kumar, Ms. Khushboo Khanna, Ms. Arti Sanghani, Mr. Shims Shaikh, Mr. Upkar Singh Anand).

Mrs. Mangala Adate, a retired teacher by profession at BMC, a home buyer of  JVDP Properties Limited have paid the builder sum of Rs.21,15,000/- and Service Tax Rs. 65354/-as recorded under allotment letter dated 22 July 2013,towards flat 1203 admeasuring 454 sq. ft. on 12th floor wing A in the building to be known as “Bhagtani Serenity” situated, lying and being on CTS No. 635/A and 64 D, “S” Ward of village Tirandaz, Taluka Kurla, Mumbai.

Following names were included as investor for Serenity project:

1.     Mrs. Mangala Adate

2.     Mr. Dadasaheb Adate (Husband of Mrs. Mangala Adate)

3.     Mr. Mahesh Adate (Son of Mrs Mangala Adate & Mr. Dadasaheb Adate)

Mr. Mahesh Adate (son of Mangala Adate and Dadasaheb Adate), employee of Tata Consultancy Services, NRI, resident in United Kingdom, also paid the builder sum of Rs. 17,75,000/- and Service Tax Rs. 54848/- towards Flat No.1601 on the 16th floor (being 13th residential floor above 3 podiums) of proposed residential building known as BHAGTANI RIYO planned to be constructed at Mira Road.

Mr. Mahesh Adate also paid sum of Rs. 13,25,000/- and Service Tax Rs. 40,943/- towards Flat No.1604 on the 16th floor (being 13th residential floor above 3 podiums) of proposed residential building known as BHAGTANI RIYO planned to be constructed at Mira Road.

Following names were included as investor for Riyo project:

1.     Mr. Mahesh Adate

2.     Mrs. Priti Mahesh Adate (wife of Mr. Mahesh Adate)

3.     Mr. Dadasaheb Adate (Father of Mr. Mahesh Adate)

Mrs. Mangala Adate invested all her life savings, provident fund money as she always dreams of buying a home of her own. Mr. Mahesh Adate also invested his savings & took personal loan in UK and invested in Riyo project as it was advertised as a golden investment opportunity by JVPD office. 

Below is the chronology of events on how we ended up in investing in JVPD Ltd and left cheated by builder and his staff

Mr. Dadasaheb Adate and Mr. Mahesh Adate along with real estate agent Mr. Nishith Gupta, Realty Solutions, Kandivali (E) visited the JVPD office in Santacruz on July 2013 and met Mr. Sandesh Shinde (JVPD Sales Representative also cousin of Mr. Mahesh Adate) and Mr. Upkar Singh Anand (JVDP Sales head) who said that the land title was clear for both Serenity and Riyo and the land was in the name of JVPD properties Pvt. Ltd. The Santacruz Jaycee Homes office asked for a lump sum amount as advance booking of 30 % of the cost of the Serenity flat and 50% for Riyo flats. 

Riyo project was referred by Mr. Nishith Gupta who is a trusted real estate agent and family friend of Mr. Mahesh Adate. Mr. Mahesh Adate also found out that his cousin Mr. Sandesh Shinde also works with JVPD Ltd and he also advised that this is a good investment opportunity.

They had an aggressive marketing strategy where the pre-launch rates were very good, and since the rates were going up rapidly we decided to put our money in their Bhagtani Serenity and Riyo project. 

However there was no progress made by JVPD builders for year upon acceptance of payment from investors (Mangala Adate / Mahesh Adate / Dadasaheb Adate) and which became a major concerning factor for the investors.

Since there was no IOD received even after 18 months from allotment letter, Mr. Mahesh Adate followed up with Bhagtani builders on return of funds as builder failed to fulfil his promise of getting the required approvals. However CRM staff at JVDP always kept promising that all approval issues are sorted out and construction is about to begin. 

On 17th Oct 2015 Mr. Mahesh Adate wrote an email to CRM addressing Mr. Radhakrishna Kamath (also known as Mr. RK) about refund of money for both Riyo and Serenity project.

On 17th November 2015 Mr. RK reverted to email upon multiple reminders and mentioned that delay in response was on account of ill-health and festive reasons and advise to confirm a time for conversation. 

On 25th November 2015 Mr. RK mentioned that Serenity project is going well, Land clearance have been obtained and IOD is expected soon for Serenity project and another 3 to 6 months for Riyo project. Below is the email abstract,


Dear Mr. Adate,

Greetings from JVPD Properties!!

I received your message and mail in reference to your booking in our project 'RIYO' and ' SERENITY'. As I was not available in office couldn't reach you. Further you can contact me on 9167341768  tomorrow between 2-4 pm IST or let me know what time suits you today wherein I can call you on 0044 7438031677.

Sorry for the Inconvenience caused, For any further assistance please feel free to contact. For your reference below mentioned are the project status of Serenity 

OUR PREVIOUS MILESTONE: We have received our Land Title Clearance & First Leg of Approvals for IOD which includes: EE (TC) Traffic Clearances and CFO Clearance from Chief Fire Officer.


Our project file is in process with the BMC department for the IOD approvals. Also the first concession report has been approved by the Dy. Municipal Commissioner. Now we are expecting our first IOD soon. We should be able to complete the process and receive the IOD in 2- 3 months approximately.

With reference to your investment in our project 'RIYO' below mentioned status is for your perusal.

The project is progressing well and we shall receive land title clearances in 3 months approximately and post that 3 months to get the requisite clearance further once this clearances are done we would go ahead with the construction at the site


On 1st December 2015 Mr. Mahesh Adate emailed to Mr. RK mentioning to withdraw the investments and advise on the process for refund however Mr. RK did not respond to this email


Dear Mr. Kamath,

I have been trying to reach you for a while now & unfortunately I couldn't speak with you until now as either you were in meeting / holiday or personal priorities. 

May I re-insist that I am keen to withdraw my investments & I would expect JC builders to honor my request and refund my money with due interest as per initial agreement.

May I request you to kindly let me know the process for withdrawal & assurance that my money would be return with due interest till date.

Awaiting your positive response back


In mid-December 2015, Mr. Mahesh Adate visited India and met Ms. Arti Sanghani (new sales head from CRM team) at JVPD office in regards to refund on investment.Mr. Mahesh Adate was accompanied by Mr. Sandesh Shinde who is cousin of Mr. Mahesh Adate and was a also a former employee of JVPD Ltd. Ms. Arti admitted that there have been delays in the project however tried to convince Mr. Mahesh Adate that project is in good shape now and will start soon.She also mentioned that previous month there was a meeting held by all investors with Mr. Mukesh Bhagtani and he advised everyone on the state of the project. Mrs. Arti refused to refund the money as agreed by allotment letter and mentioned if you wish to cancel the agreement, you would be paid refund only after 9months and there will not be any interest paid for these 9 months.Ms. Arti also advised that Mr. & Mrs. Dadasaheb Adate & Mr. Mahesh Adate will not be eligible for any interest for Serenity as they have acquired all clearance and if cancellation is proceeded you will lose all interest. Mr. Arti advised Mr. Adate to await further considering the good state for both projects.

On 27th March 2016 Mr. Mahesh Adate wrote an email to Ms. Arti reminding that there has been no progress made on Riyo and to kindly process the refunds for Riyo investment.

On 30th March 2016 Mr. Anand Kumar (another member of CRM team) wrote below email promising that all litigation in respect to property has reached to a settlement. This was yet another false communication. At the time of writing this complain, we understand that for Riyo project, even the land was not acquired by JVPD Ltd.

Email abstract from Mr. Anand below for quick reference:


Project Status: Our project Riyo 2 is progressing well, As the litigation in respect to the property is been reached to a settlement and the draft documents and / or agreements have been shared with the concerned parties. We have received a confirmation in respect of the same. The said documents will be executed and registered by April 2016 approximately. Further we would launch the project by June 2016.

Also as per your mail sent, we certainly understand that you are in need of funds hence we would request you to allow us time till June 2016 and post that we would provide you sales assistance for the same. Further if you wish to cancel the said flat then the cancellation would be as per standard operating procedure of the company. 

We hereby request you to maintain the support you always extended to us. We value your trust in our company and we will do our best to meet service expectations.


On 6th of April 2016, Mr. Mahesh Adate wrote to Mr. Anand to advice on procedure for cancellation. However there was no response from CRM team

On 11th April 2016, Mr. Mahesh Adate wrote another reminder email however there was no response.

On 14th April 2016, Mr. Mahesh Adate wrote another reminder email but still no response.

On 16th April 2016, Mr. Anand Kumar responded stating Riyo 2 project is progressing well, email abstract below for quick reference:


Dear Mr. Adate,

Greetings from JVPD Properties Pvt. Ltd.!!!

As per our telecom, please find below the status of Riyo 2 project. 

Project Status: Our project Riyo 2 is progressing well, As the litigation in respect to the property is been reached to a settlement and the draft documents and / or agreements have been shared with the concerned parties. We have received a confirmation in respect of the same. The said documents will be executed and registered by 2nd  week of May and post which we would launch the project.

We hereby request you to maintain the support you always extended to us. We value your trust in our company and we will do our best to meet service expectations.



On 16th April 2016, Mr. Mahesh Adate responded to Mr. Anand Kumar stating that we did not had any telecom and he is mistaken and he should process the refund; below is email abstract:


Dear Anand, when did we had telecom? You must be mistaken

As I have mentioned in my email, I am in need of money, I had invested the money with a horizon of 2-3 years and now that I wish to buy a new property abroad I would like to withdraw my investment. Hence I would really appreciate if JC builders can honour their original commitment and return my money with due interest. Pls let me know whom do I need to escalate this further

Thanks for cooperation


On 24th April 2016, due to dissatisfaction with the responses received from CRM team, Mr. Mahesh Adate wrote an email directly to Mr. Mukesh Bhagtani (Director of JVPD Ltd.), copying CRM email, requesting his attention to the matter and honor the agreements made under allotment letter and refund the money with due interest, below is the email abstract:


Dear Mr. Mukesh Bhagtani,

Hope this email finds you in good health.

Firstly, apologies to write to you directly but I have left with no choice due to unsatisfactory & delayed response received till date.

I am one of the investors for your projects in Mira road & Hiranandani. I have invested in 3 properties apx. 3 years back with an intention to stay invested for couple of years. I would like to withdraw my investments now to fulfil my other urgent commitments. I understand that Hiranandani project is moved a bit and I cannot ask for any withdrawal for same. However the Mira road project has not moved much & I would like to withdraw the investment for same. I have been chasing for this for quite a while & I haven't received a satisfactory response. 

I would really appreciate if you could honour the original terms agreed at the time of investment and return my money with due interest. I have attached the copy of letter issued to me at the time of investment for your quick reference.

Hoping to receive your positive response soon


On 28th April 2016, since there was no response from CRM or Mr. Mukesh Bhagtani, Mr. Mahesh Adate wrote reminder email to which Mr. Mukesh Bhagtani responded on same day advising that he has come up with a solution on this and the same has been advise to Ms. Khushboo. Below is email abstract from Mr. Mukesh Bhagtani:



I have given solution to khushbu, kindly meet her she will take it further. Hope all is well in family

Give my regards to sandesh too


On 3rd May 2016, Mr. Mahesh Adate wrote an email to Ms. Khushboo Khanna mentioning that Mr. Mahesh Adate is in desperate need of money due to plan of buying property overseas and need help in processing refund quickly, below is email abstract:


Hi Khushbu,

Hope you are doing well

As per our discussion on 28th April, could you please let me know how do we take this further. After consulting with my mortgage advisor I am short of apx Rs. 40 Lacs

Here is the summary of expected returns, could you please verify these against your records and advise towards proceedings for payment of 40L by July 2016. Also, advise how remaining 8.60 Lacs can be reinvested into current Serenity project

Awaiting your response

Year -1
Year -2
Year -3
Sub Total 1

Service Tax/Aggregated
Year -1
Year -2
Year -3
Sub Total 2

Grand Total


However there was no response to this email, hence Mr. Mahesh Adate sent reminder email on 6th May 2016

There was no response from CRM team, hence Mr. Mahesh Adate wrote second reminder on 10th May 2016.

There was yet another reminder sent on 12th May 2016.

On 16th May 2016 Mr. Mahesh Adate sent another email mentioning that he is losing the patience now, email abstract below:

<< ---------------------------------------------------------------------------------------------------

Dear Khushbu,

Further to our conversation on 28th April, I am still awaiting any response from your end, I have called on support number & Anand assured that I will get a response back. Kindly note that I am reaching at the end of rope & I would need your sincere urgent attention to close the matter.


On 17th May, Mr. Mahesh Adate wrote an email to Mr. Mukesh Bhagtani to intervene into the matter

On 18th May 2016, Mr. Anand Kumar responded that office is working out the best option and to allow 2 days of time to find the best solution.

On 21st May 2016, Mr. Mahesh Adate asked for further update from CRM office

However there was yet no response from JVDP office, hence On 25th May 2016, Mr. Mahesh Adate wrote yet another follow-up email, as below


Hi Team,

I was informed by Anand that I will be contacted within 2 business day after many escalations - however repeatedly these promises have failed and I have to take time off from  my work to chase on this. May I request you to kindly keep your words and respect the commitments made.  Last I spoke with Khusbu almost a month back & I am yet to see any progress being made on the request. I have requested for refund of investment in Oct 2015 and I have been put off with different promises. I have been dealing with multiple staff (Radhakrishan / Anand / Aarti /Khusbhu) until date with no end result. This is leading to utter frustration and waste of valuable time.

Can I have an urgent attention on this


During these times Mr. Mahesh Adate kept calling Mr. Anand Kumar and Mr. Anand responded to phone calls very rarely. Whenever Mr. Mahesh Adate had an opportunity to speak with Mr. Anand, everytime false promises were made that solution is being worked out and he will respond in one or two days.

On 6th June 2016, Mr. Mahesh Adate wrote an email to Mr. Mukesh Bhagtani to look into the matter, email abstract below:


Dear Mr. Mukesh Bhagtani,

I have been speaking with Anand every alternate day since last couple of weeks & every time I was promised that I will be updated on same day or in couple of days. This is quite frustrating that despite multiple follow ups, I am not receiving due updates. I won't be expecting the investors who shown the trust and invested their hard earned money in the project to be treated in this way.

May I request your sincere attention into the matter.


Mahesh Adate


On 7th June 2016, Mr. Anand Kumar responded stating he tried reaching Mr. Mahesh Adate but could not be reached.

Mr. Mahesh Adate called Mr. Anand & Mr. Anand advised to come up with proposal.

On 8th June 2016, Mr. Anand Kumar worked out the refund money and sent below text message:


Hi Mr. Adate

1. Riyo (flat no.1601)

Down payment: 1775000/-

Interst: 698906/-

Total(1601): 2473906/-

2. RIYO(Falt 1604)

Downpayment; 1325000/-

Interest: 521719/-

Total(1604): 1846719/-

This the calculation for both of your flats¡


There were few more messages and calls exchanged after this and Mr. Anand advised that money can only be returned after one year. This was certainly not acceptable condition and Mr. Mahesh Adate responded by email on 24th June 2016 to Mr. Mukesh Bhagtani / Mr. Radhakrishna Kamath / Ms. Khushoo & CRM office, email abstract below:


Hi Anand, it's more than 10 days now and you have promised to return the call in 2 days. I understand that you were off sick for couple of days - but I have been waiting patiently and you are really now checking my patience.

Dear Mukesh / RK/ Khusboo,

I have been informed that my money can be returned only after 1 yearthis is certainly unacceptable. This has been going on since Oct last year, when initially I was advised that your money will be returned within 6 months. This has been already 9 months & every time new promises made and broken. May I request you to kindly look into the matter, as mentioned earlier I am in desperate need of liquid cash now as I am buying a new home. 


On 25th July 2016, Mr. Mahesh Adate spoke with Ms. Khushboo where she advised Mr. Mahesh Adate that Serenity project next payment is due and the money from Riyo flats can be moved to Serenity project. This was yet another lie from JVPD office as Serenity project still did not took off and there was no progress on IOD or plinth of project. 

On 27th July 2016, Mr. Mahesh Adate wrote an email to Ms. Khusboo as below,


Dear Khushboo,

Thanks for your time on Sat, 25th July. Further to our conversation I am interested to know what best can be done to refund my investments in Mira road project. As mentioned several times, I am not looking for any further investment options and keen to get the liquidity for buying house abroad. While I understand you may have few challenges, I have compromised on my needs and agreed that amount from one flat can be re-invested into Serenity (though I am yet to see the offer details on how cost will be negotiated due to advance payments)

Awaiting your positive response.


These chronology of events have badly impacted Mr. Mahesh Adate’s health and caused mental stress and depression. 

On 3rd July 2016, Mr. Mahesh Adate wrote below email to Mr. Mukesh Bhagtani / Ms. Khushoo / Mr. Radhakrishna Kamath & CRM office,


Hi All,

May I request you to provide an update on below. I am getting into depression mode and getting a feeling of being cheated with my hard earned money and feeling helpless because of the way my case is being dealt with. Mentioning that my money wont be returned to me sooner and can be returned only after an year that too without paying agreed 15% of interest for additional year is not done....I have lost my further opportunity of buying a home because of this situation.

 Should anything further happens to me, note that all of you are responsible for this situation and I have all evidences including call recordings / email threads and official signed documents


Still there was no response from anyone from JVPD Ltd.

On 8th July, 2016 Mr. Mahesh Adate again wrote to Mr. Mukesh Bhagtani / Ms. Khushoo / Mr. Radhakrishna Kamath& CRM office,


Hi All,

Unfortunately I have to seek the legal action and official complaint on this issue,  No where in the contract it is mentioned about not returning the money immediately and returning the money after one year without interest. I have been very patient until now but I have reached end of rope


Mr. Mahesh Adate requested estate agent Mr. Nishith Gupta to look into the matter and extend his help to come up with solution as Mr. Mahesh Adate was out of town and Mr. Dadasaheb Adate was suffering from health issues. 

On 21st July 2016, Mr. Nishith Gupta was advised by builder a plan to transfer the money to Oyster project in Mira road, which was yet another pre-launch. Mr. Mahesh Adate alongwith agent Mr. Nishith Gupta (estate agent for Mr. Mahesh Adate) tried exploring this option, however that felt like yet another trap and that option provided by builder was rejected. These discussions went on for couple of months.

On 15th Dec 2016, Mr. Dadasaheb Adate & Mrs. Mangala Adate visited JVPD office at Santacruz. CRM office have processed cancellation of deed for Riyo project during this time, interest was calculated for 3 years and 2 months (upto September 2016) however the payment schedule was given for one year later which is October 2017. There was no interest accounted for delay of one year which is deviation from agreement as per allotment letter. Since Mr. Dadasaheb Adate & Mr. Mahesh Adate had no other option than taking builders offer, deed of cancellation was signed by Mr. Dadasaheb Adate

Upon cancellation of deed, JVDP has deposited only Rs. 25000 on 8th Feb 2017 against one flat of Riyo and on 4th March 2017, sum of Rs. 25000 against second flat for Riyo. At this point Mr. Mahesh Adate had no other choice than waiting for Oct 2017 to expect the full refund for Riyo project.

These are the only payments made by builder until date of writing this letter (December 2017).

On 4th September 2017, Mr. Mahesh Adate enquired about Serenity project, email abstract below:


Hi Anand, Khushboo,

Could you please advise me the status of Powai project..We are in desperate need of liquid cash and need to sell out the Powai project investment.

Also, could you please initiate transfer of my funds from Mira road investment now..
Your prompt response is greatly appreciated


On 7th September 2017 Mr. Mahesh Adate wrote reminder email to Mr. Anand Kumar & Ms. Khushboo

On 11th September 2017 Mr. Mahesh Adate wrote reminder email to Mr. Anand Kumar & Ms. Khushboo

On 12th September 2017 due to failure of any response from Mr. Anand & Ms. Khushboo, Mr. Mahesh Adate wrote an email to Mr. Mukesh Bhagtani and requested him to respond to the email

On 14th September 2017 Mr. Mahesh Adate sent yet another reminder to Mr. Mukesh Bhagtani& Ms. Khushboo & CRM office to respond to the email

Now seriously worried by ignorance from builder & staff on 15th September 2017 Mr Dadasaheb Adate & Mrs. Mangala Adate visited JVPD office at Santacruz.

Here they were greeted by Mr. Shims Shaikh (CRM office) and he advised that we can process deed of cancellation for Serenity however payments can be made only after 3 years. Mr. Mahesh Adate spoke with Mr. Shims Shaikh over phone and highlighted that this unacceptable proposition and to refund the money immediately. Mr. Shims Shaikh refused the option to refund the money immediately and upon further discussion with seniors in the team came back with an option to refund the money after 2 years and mentioned this is the last and best option builder office can offer.

Mr. Shims also advised that he will ensure that refund of Riyo which was due next month (October 2017) will be processed smoothly and there are no issues in processing that refund. This also gave the impression to Mr. Mahesh Adate that builder will keep his promise mentioned in cancellation deed.

Mrs. Mangala Adate & Mr. Dadasaheb Adate & Mr. Mahesh Adate were helpless and had no other option that to accept what builder has to offer.

Post this cancellation of deed for Serenity, Mr. Mahesh Adate was awaiting refunds for Riyo flats which was due in Oct & Nov 2017. However to Mr. Mahesh Adate’s disappointment, Mr. Bhagtani again failed to deliver on his promises & agreements as per cancellation deed.

On 11th October 2017 Mr. Mahesh Adate wrote an email to Mr. Shims Shaikh to release the refund for Riyo flats.

On 14th October 2017 Mr. Mahesh Adate wrote an email to Mr. Mukesh Bhagtani / Mr. Radhakrishna Kamath, CRM office & Mr. Shims requesting refund for Riyo as per cancellation deed.

On 16h November 2017 Mr. Mahesh Adate spoke with Mr. Radhakrishna Kamath (aka. Mr. RK) about refund & MR. RK advised that it will take another 6 months to process the refund. However Mr. Mahesh Adate advised that awaiting for 6 months is not acceptable proposition and requested that if builder has real intentions of refunding the money then he can show his commitment by at least releasing 50% of refund immediately & remaining 50% can be released in next 3-4 months. Mr. RK advised Mr. Mahesh Adate that he will speak with Mr. Mukesh Bhagtani & will come up with solution.

This conversation was drafted and sent over email by Mr. Mahesh Adate on same day, below is the abstract of email:


Hello Mr. RK,

We discussed today on my concerns on returning the money for Riyo and Serenity investment. You have highlighted your concerns on difficult times and asked me to wait for another 6 months. I have expressed my views that I have already waited for 20 months and asking to wait for any longer is beyond question. This is raising a question of builder's intention to return the investor's money. The series of events over last few years have caused me enough mental stress and depression and started provoking the thoughts of sucidal due to the extent of being cheated for my whole life hard earned money. Should anything happen to me or my parents all of you copied in the email will be responsible for it.

You have expressed your commitment towards talking to your superiors about my ask for releasing 50% payment and confirming the same in 2 days.

I hope to see your positive response and money deposited after 2 days via bank transfer.

If any of the information above is incorrect, please respond back


On 25th November 2017 Mr. Mahesh Adate spoke with Mr. RK & Mr. RK advised that builder is in process of refunding other investors money which will start in 30 days, however he refused to disclose the criteria for refunding other investor’s money or to share the list of investors who will receive refund in 30 days. Mr. RK advised that refunds for Riyo will be done in parts starting 4th month from now till 6th month. Mr. RK also advised that Mr. Mahesh Adate will be compensated for loss of interest and full interest till the date of payment will be paid. Mr. Mahesh Adate challenged this proposition and asked how this proposition can be trusted. Mr. RK mentioned that he will share this agreement on company letter head signed by Mr. Mukesh Bhagtani. Mr. Mahesh Adate mentioned to Mr. RK to share the copy of this letter and Mr. Mahesh Adate will get this copy vetted by advocate. This correspondence was recorded on email and shared across to Mr. RK on same day.

On 28th November Mr. Mahesh Adate sent reminder email to Mr RK to provide copy of letter however Mr. RK has not responded to email. Mr. RK is also not approachable on phone and each time when called JVPD office, an excuse is been made to avoid further conversation.

We therefore would like to register a complaint against the builders of JVPD Properties Pvt. Ltd. and seek to get immediate refund with due interest for Riyo & Serenity investments.

Weare relying on registering an FIR with the Economic Offences Wing of Mumbai Police, and we have full hope that we will get justice.  

Further references such as allotment letter, email communication, bank & cheque details, cancellation deed will be supplied to support this complaint letter.

We therefore demand that appropriate action be taken against the builder and our hard earned money is returned with fair interest rates immediately.

Your faithfully,

Mr. Mangala Dadasaheb Adate

Mr. Dadasaheb Adate

Mr. Mahesh Adate