Tuesday, 5 September 2017

Bhagtani's Gigantic Engine of Bad-Debt

Mumbai, 6th September, 2017: More bad news. Bhagtani builders may be planning to settle abroad with far more than the Rs 600 crore earlier estimated. Over and above 2000-odd flat buyers, many others were also fooled.

WHO ELSE WAS FOOLED?

1) CASH-RICH PROFESSIONALS GAVE LOANS to Bhagtani family. Many cash-rich people loaned Bhagtani crores of rupees, lured by promises of 24% interest. They knew the family personally and socially, went to the same club, met at social occasions, etc. And now the repayment PDCs have started bouncing. One well-known doctor lost the Rs 1.5 crore principal amount that he loaned, after getting 24% interest for a couple of years.


2) INVESTORS CONTACTED BY CHIT-FUND TYPE BROKERS. Estate agents typically get 1 to 2 percent brokerage on the value of the flat, but those who raise money for chit-funds typically get 5% brokerage on actual funds collected. Bhagtani had the latter kind of brokers to lure cash-rich investors. One group of investors residing in Gokuldham area of Goregaon was lured to invest about Rs 50 crores by a broker. This RERA-registered broker (to be named in a later article) singlehandedly collected Rs 350 crores from Goregaon, and distributed allotment letters of about 500 flats!

3) SUPPLIERS AND CONTRACTORS GAVE CREDIT to Bhagtani. Crores of rupees are outstanding, and now seem unlikely to be paid, as their cheques also have started bouncing. An advertising professional lost Rs 25 lakhs. Many building contractors who worked on Bhagtani's contruction sites, giving the sites a "happening" look and attracting investors, have been paid with bouncing cheques.
A dozen endlessly-ongoing building projects in various parts of Mumbai helped Bhagtani to create the illusion of an engine of economic growth. Let alone the common man, even seasoned businessmen are fooled by such appearances!


ISSUED IN PUBLIC INTEREST BY
Krishnaraj Rao
9821588114
krish.kkphoto@gmail.com

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2 comments:

  1. Rao sir you have exposed the dirty games of Mumbai's biggest chors, the crooked brothers Dipesh and Mukesh and their serial cheater father. I know one member of their CRM Team who spoke on condition of anonymity that these crooks have moved most of their money outside India, via London to a 3rd Country which she thinks is Pakistan. The father Laksham had some ancestral land in Sindh, the CRM guy told me that he has seen lot of money transfer going out of country that might have funded land and properties transactions in Pakistan. The money transfer's got them under lens of authorities and let to lot of problems for them, due to which they had liquidity crisis. Now their plan is that if arrest warrant comes, they will flee country to London. They are nervously watching Vijay Mallya case and know if Indian Government pushes for extradition they can always safely retire in Pakistan with all the land and money they have stored there. Not only are these guys frauds but, they are also anti-national, helping a country that kills our countrymen. Shame on these scoundrels and traitors for taking money from our country and investing it in enemy countries

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  2. What is the name of the broker who collected 350 crores from goregaon..?

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