Horizon meltdown exposes Bhagtani connection with Oyster's Tejas Tarun Vyas
Mumbai, 26th January 2018: Happy Republic Day! Bhagtani Horizon redevelopment project is in full meltdown mode, and this has special significance for all Bhagtani victims. The meltdown of Horizon project has exposed the fraudulent nexus between Diipesh, Mukesh and Lakshman Bhagtani and their close business associates Tejas and Tarun Vyas. It has given occasion for dozens of victims to file FIRs against Bhagtani while making Vyas the co-accused. You may ask why it is necessary to file such FIRs. The answer is that Tejas and Tarun Vyas of Oyster Living are deeply involved in Bhagtani's racket. Through their real estate projects such as Foresta and Foresta 2 (formerly called Serena), Tejas and Tarun Vyas have enabled Bhagtani to do money-laundering of several hundred crore rupees via the "transfer option".
The most important reason for filing such FIRs is that Tejas and Tarun Vyas are secretly the treasurers of much of Bhagtani's diverted funds. A substantial portion of the funds that rightfully belong to the flat-buyers is lying in the bank accounts or vaults of the Vyas duo, and of their registered corporate entities such as Oyster Living and Tarunbharti Constructions, and unregistered partnership entities such as VV Realty.
Registering FIRs wherein Vyas and Bhagtani are named together as accused will mandate the Economic Offences Wing (EOW) to investigate their deep nexus. By keeping a very low profile, the Vyas duo has so far escaped the attention of Bhagtani victims, the authorities and the media, despite being at least ankle-deep, and more probably neck-deep, in the Bhagtani scam. Bhagtani has made consistent efforts to divert attention away from the Vyas duo. But now, the implosion of Horizon project may help to put the spotlight on Vyas and expose the money-trail.
Horizon and four other registered projects of Jaycee Homes are a constant reminder that RERA registration is not a guarantee of a good project. Bhagtani registered these projects with an intention to cover up their scam.
How Horizon was a Bhagtani Scam
After demolishing the original four-storey building of Udayachal Goregaon Cooperative Housing Society (pursuant to a development agreement signed in April 2013), Jaycee Homes erected eight floors of the new building called Bhagtani Horizon. The ongoing construction activity was useful for maintaining the illusion that Bhagtani was an active and successful builder, and also to offer "transfer option" to flat-buyers of Serenity, Riyo, Sapphire and Savannah.
However, after "transferring" around 42 flat-buyers to Horizon, Bhagtani stopped the construction activity in mid-2016. With almost every transfer, Bhagtani managed to squeeze a few more lakhs from the people who had already been cheated of several lakhs in their first flat purchase.
Entry of Vyas into Horizon
In the wake of multiple Bhagtani scams being publicly exposed in the latter half of 2017, Tejas and Tarun Vyas seem to have convinced the helpless members of Udayachal Goregaon CHS and the transferred flat-owners that they would take over and complete the project. Why? Supposedly because Bhagtani had stood by them in hard times, and now they wanted to return the favour.
In October-November, when Diipesh Bhagtani was employing various diversionary tactics in Bombay High Court to avoid getting arrested, his close "family friend" Tejas Tarun Vyas was calling all the allottees one by one and informing them that he was now the owner of the Horizon project. It is interesting to note that in order to avoid uncomfortable questions, he did not call them together in a meeting, "Bhagtani has transferred the project to me, and now onwards you have to make all future payments to me," he informed them.
"We will start work in one month," Vyas assured the flat-buyers. "Parallelly, all registered agreements with Bhagtani will be transferred in my name, and RERA will be informed for transfer," he said. These were all verbal assurances; nothing was given in writing.
In November 2017, committee members of Udayachal Goregaon CHS were temporarily fooled into formally assigning Bhagtani's development rights to Vyas. But it took only a few weeks for them to come to their senses and realize that they had been fooled. Bhagtani was no longer in a proper legal position to dispose of any assets, being persona non-grata in the eyes of law. The society may have been advised by legal brains that the bid by Tejas Tarun Vyas / Tarunbharati / Oyster Living to semi-officially take over the unfinished redevelopment was basically unlawful. Bhagtani's recent property transactions would likely be annulled and reversed by the High Court.
And so, the cooperative housing society called off the deal with both Bhagtani and Vyas through a public notice in The Times of India last Saturday(20th January).
This was closely followed by another public notice in yesterday's paper, which indicates that the society has already appointed another builder to complete the project.
What will happen to allottees of Horizon?
There are estimated to be around 42 persons who were purchased flats from Bhagtani, usually by the transfer route. The question that arises is: will the new builder honour the allotment letters issued by Bhagtani, against payments of large amounts? Not likely!
The new builder clearly intends to dispossess these allottees unless they take legal steps within the next 14 days to protect their rights. The second notice says, "Any entity/persons... having any right, title, benefit, claim or demand in respect of the under mentioned property and/or Existing Building... is/are hereby required to make the same known in writing, along with supporting documentary evidence, to the undersigned within 14 days... failing which such right, title, benefit... if any, shall be deemed to have been waived and abandoned, and the transaction between Society and my client in respect of the Premises will be completed.
Let us understand what kind of people these allottees are. Anil Baru (name changed) booked a flat in Bhagtani Riyo in December 2012 by paying Rs 21 lakh. He was promised possession of a flat in December 2017. In September 2013, responding to a demand, he paid a further Rs 13 lakh before going overseas to earn a living.
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| Bhagtani Horizon's 8-storey frame. Construction stopped in June 2016. |
Registering FIRs wherein Vyas and Bhagtani are named together as accused will mandate the Economic Offences Wing (EOW) to investigate their deep nexus. By keeping a very low profile, the Vyas duo has so far escaped the attention of Bhagtani victims, the authorities and the media, despite being at least ankle-deep, and more probably neck-deep, in the Bhagtani scam. Bhagtani has made consistent efforts to divert attention away from the Vyas duo. But now, the implosion of Horizon project may help to put the spotlight on Vyas and expose the money-trail.
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| New signage showing takeover by Oyster Living / Tarun Bharti Constructions. |
How Horizon was a Bhagtani Scam
After demolishing the original four-storey building of Udayachal Goregaon Cooperative Housing Society (pursuant to a development agreement signed in April 2013), Jaycee Homes erected eight floors of the new building called Bhagtani Horizon. The ongoing construction activity was useful for maintaining the illusion that Bhagtani was an active and successful builder, and also to offer "transfer option" to flat-buyers of Serenity, Riyo, Sapphire and Savannah.
However, after "transferring" around 42 flat-buyers to Horizon, Bhagtani stopped the construction activity in mid-2016. With almost every transfer, Bhagtani managed to squeeze a few more lakhs from the people who had already been cheated of several lakhs in their first flat purchase.
 |
| The public notice issued on Saturday, 20th Jan, 2018, severing all ties with Bhagtani and Vyas. |
In the wake of multiple Bhagtani scams being publicly exposed in the latter half of 2017, Tejas and Tarun Vyas seem to have convinced the helpless members of Udayachal Goregaon CHS and the transferred flat-owners that they would take over and complete the project. Why? Supposedly because Bhagtani had stood by them in hard times, and now they wanted to return the favour.
In October-November, when Diipesh Bhagtani was employing various diversionary tactics in Bombay High Court to avoid getting arrested, his close "family friend" Tejas Tarun Vyas was calling all the allottees one by one and informing them that he was now the owner of the Horizon project. It is interesting to note that in order to avoid uncomfortable questions, he did not call them together in a meeting, "Bhagtani has transferred the project to me, and now onwards you have to make all future payments to me," he informed them.
"We will start work in one month," Vyas assured the flat-buyers. "Parallelly, all registered agreements with Bhagtani will be transferred in my name, and RERA will be informed for transfer," he said. These were all verbal assurances; nothing was given in writing.
In November 2017, committee members of Udayachal Goregaon CHS were temporarily fooled into formally assigning Bhagtani's development rights to Vyas. But it took only a few weeks for them to come to their senses and realize that they had been fooled. Bhagtani was no longer in a proper legal position to dispose of any assets, being persona non-grata in the eyes of law. The society may have been advised by legal brains that the bid by Tejas Tarun Vyas / Tarunbharati / Oyster Living to semi-officially take over the unfinished redevelopment was basically unlawful. Bhagtani's recent property transactions would likely be annulled and reversed by the High Court.
 |
| The public notice issued on Thursday, 25th Jan 2018, to dispossess flat-buyers and claimants. |
This was closely followed by another public notice in yesterday's paper, which indicates that the society has already appointed another builder to complete the project.
What will happen to allottees of Horizon?
There are estimated to be around 42 persons who were purchased flats from Bhagtani, usually by the transfer route. The question that arises is: will the new builder honour the allotment letters issued by Bhagtani, against payments of large amounts? Not likely!
The new builder clearly intends to dispossess these allottees unless they take legal steps within the next 14 days to protect their rights. The second notice says, "Any entity/persons... having any right, title, benefit, claim or demand in respect of the under mentioned property and/or Existing Building... is/are hereby required to make the same known in writing, along with supporting documentary evidence, to the undersigned within 14 days... failing which such right, title, benefit... if any, shall be deemed to have been waived and abandoned, and the transaction between Society and my client in respect of the Premises will be completed.
Let us understand what kind of people these allottees are. Anil Baru (name changed) booked a flat in Bhagtani Riyo in December 2012 by paying Rs 21 lakh. He was promised possession of a flat in December 2017. In September 2013, responding to a demand, he paid a further Rs 13 lakh before going overseas to earn a living.
Anil returned in November 2014 to find that construction at Riyo site had not started even after two years. And so he started asking for a refund. By May 2015, Bhagtani had succeeded in persuading him to transfer his investment to Horizon by paying a further Rs 9 lakh. It seemed like a good idea at the time because construction work at Horizon was in full swing. So Anil paid a total of Rs 43 lakh -- nearly 50% of the total consideration value of Rs 97.5 lakh and received an allotment letter for Horizon.
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| Signage of Bhagtani Horizon at the project site. |
Today, Anil Baru and dozens of others like him are left with a huge question mark. Will they get their flat? Or will they get their money back?
With the latest developments, the interests of 12 flat-owners of Udayachal Goregaon CHS (i.e. rehab component of Horizon) have been pitted against the interests of flat-buyers of Bhagtani (i.e. sale component).
Bottomline: The land-owners of Bhagtani Horizon, have taken legal steps to reclaim their rights over their land. The flat-buyers, whose money funded the construction of the 8-storey RCC frame, must take prompt legal steps to hold on to their rights and claims.
Both land-owners and flat-buyers must file FIRs against Bhagtani and Vyas for putting them in this pathetic situation.
ISSUED IN PUBLIC INTEREST BY
Krishnaraj Rao
9821588114
krish.kkphoto@gmail.com
Krishnaraj Rao
9821588114
krish.kkphoto@gmail.com
PS: The Horizon meltdown was reported in DNA a couple of days ago. Here's the DNA report.
The Bhagtani scam web just goes on expanding and the count of victims keeps increasing by leap and bounds - authorities seemingly silent
ReplyDeleteSkeletons keep falling out of the Bhagtani closet. Every layer of the Jaycee homes onion exposes new scams and shady deals. The Bhagtanis have mastered the art of cheating!
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