Six Silly (but Crucial) Questions about the Bhagtani Legal Battles
Mumbai, 1st March, 2018: Sometime today morning or afternoon, Diipesh Bhagtani will be produced before the magistrate, again, for the fourth time since he surrendered to EOW on 11th January. The magistrate may decide to keep him in judicial custody for a few more weeks, or release him on bail. We hope that the magistrate will exert pressure on Mukesh and Laxman (who are absconding) by not releasing Diipesh till they surrender... but that may be wishful thinking.
Over 2,500
families who lost their life-savings, their peace of mind, their
health and their dreams of owning a flat in Mumbai, are thinking only one thing day and night: "Will we get back our money? How? When?" Meanwhile, gang members and accomplices who systematically helped the Bhagtanis to loot Rs 600 crore are roaming free, because EOW hasn't named them as co-accused in the FIRs. (It's like letting Dawood Ibrahim's shooters and hit-men go free because, hey, they were only employees doing a job!)
People are confused, bewildered and disoriented. "Silly" questions are the most important ones, because they are basic and foundational!
SIX SILLY QUESTIONS:
1) "Our case against Bhagtani in Bombay HC got dismissed. Isn't it our failure?"
First of all, it wasn't "our case against Bhagtani", it was a case that Bhagtani filed for getting pre-arrest bail for the FIRs against him. Diipesh Bhagtani tried to fool the court and his victims and buy time, but he ultimately failed. His failure is our success. If Diipesh Bhagtani had succeeded, he would have been enjoying himself in Dubai with his family.
Riyo and Serenity flat-buyers became intervenors in High Court for two objectives: (a) to prevent Bhagtani from getting anticipatory bail (b) To exert pressure through the court for refund of their money. The first objective was achieved; it was a thumping success! (It would have been our total failure if Bhagtani had succeeded in doing what he set out to do at his 16th December meeting at Rang Sharda auditorium. That would have been a shame!)
2) "But we only want our money back; why should we try to put Bhagtani in jail? If he is in jail, who will give us our money?"
Firstly, if Bhagtani had any intention of refunding your money, he had ample opportunity for doing that already. The reason Diipesh Bhagtani is currently in jail is that he (and Laxman and Mukesh) have broken thousands of promises made to hundreds and thousands of people (including post-dated cheques, which is a very serious promise to pay). If you hold a gun to his head (figuratively, not literally), there is a chance that Bhagtani may refund some of your money. Aggressively prosecuting Bhagtani is a way of putting a "gun to the head" to get him to cough up your money. If you negotiate with Bhagtani, he will probably tempt you to give him more money by opting for the transfer option scam.
Secondly, nobody knows where Bhagtani diverted hundreds of crore rupees collected as booking amounts for flats in Riyo, Sapphire, Serenity, Sapphire, Krishaang, Executive, Horizon, etc. Some of it was channeled into land and fixed assets, some was lent to other companies and/or Bhagtani family members, some was paid out as salaries, commissions, bribes, etc., and some was stashed abroad. As we don't have any way of knowing where the money is, how can we possibly take legal steps to recover it? Prosecuting Bhagtani is causing EOW to interrogate Bhagtani, conduct search-and-seizure operations for financial records, and conduct forensic audits. The resultant chargesheet will contain findings about Bhagtani's assets and money-diversion. This information will become available to us. So, prosecution is a way of getting information to enable further action.
3) What are the chances that we will get back all our money? Is there a guarantee?
Some people believe that they will get back their entire principal amount plus 15% interest. That is unlikely. It may be possible to recover 30 to 50% of your principal amount by legal processes like MPID or RERA cases. People from different projects will surely end up recovering different proportions of their principal amount due to various factors (e.g. Bhagtani owned Serenity project land, but not Riyo project land.) You all have been in the financial equivalent of a huge smash-up on the Expressway. The ongoing legal initiatives are like rescue and salvaging efforts. Be realistic, nobody makes a 15% profit by selling his car for scrap!
And no, there are no guarantees of success. Courts are full of surprises, twists and turns. That is the nature of reality.
4) Why are we spending so much money on lawyers and court cases?
Every individual has at least three choices. One is to forgive, forget and move on in life. You can willfully forget that the Bhagtani chapter ever happened, and not look back, ever. That would be a legitimate decision, and may even be a wise one.
The second choice is to do whatever it takes to have Bhagtanis punished for the loss and pain that they have inflicted, and the dreams that they have shattered. For them, it isn't about the money that has been stolen from them, it is a matter of salvaging their pride and self-confidence that Bhagtanis have grievously wounded. This is also a legitimate choice.
The third choice is to do your utmost to recover your lost wealth -- partially if not fully.
Some people have made these choices without much conscious thought, often due to peer-group or social pressures. Others have made these choices without adequate information, or with wrong information given by lawyers and others. They need to re-assess their situation, and understand how much money, emotional energy and effort they can afford to invest in the legal battles that lie ahead. To live without regret, it is necessary to make these choices consciously, with complete awareness of your own financial and mental limitations. If you feel that your life-blood is being drained by your continuing legal battle, take a conscious decision and quit, so that you don't feel cheated and exploited later on. It is important to make choices that you can live with!
5) Won't it be easier if all of us unite and file a PIL in High Court?
No, there is no magic-bullet type solution, which can be applied to all Bhagtani victims. Even if we are talking about going to the same forum, e.g. RERA or High Court, specific approaches and strategies must be adopted for different projects like Riyo, Serenity, Savannah, etc. The approaches must be tailormade to your needs and beliefs. For example, some Serenity flat-buyers feel that it is worthwhile trying to get a RERA order against Bhagtani, while others feel that an order against Xander would be a safer bet. There are merits and challenges on both sides. And that is why many different approaches are being tried out by so many people, through different lawyers. Only time will prove which approach is successful.
Legal remedies are being pursued in various forums by some of the flat-buyers. But about 80% of Bhagtani's victims are still in wait-and-watch mode; they have not taken any concrete action, either out of indecision, apathy, ignorance or a conscious choice.
Having a large group can help to distribute the costs of lawyers' fees, etc, and make the court battle easier to sustain. But it is important to remember that law is not a blunt-force instrument like a hammer; rather, law is like a surgical scalpel. Decision-makers within groups may tend to wield the law like a hammer; they may confuse legal battles with politics, and try to bludgeon their way through obstacles. They may tend to override smart advice if they have already committed to a popular course of action.
So, answering the last question in a nutshell: No, success in legal battles is not about staying united, it is about knowing when to stay with the group, and when to separate from the herd and seek your own independent path. It is about actively seeking wiser counsel, and recognizing wiser counsel when you see it. It is about being aware of all your choices, and not limiting yourselves by a sense of false loyalty to any group or lawyer. It is about not falling prey to numerous logical pitfalls that dot the way ahead. It is about being wide awake and self-aware.
6) What happens if Diipesh Bhagtani is released from jail today? Won't all our efforts go waste?
Ok, get your facts correct: Bhagtani is currently in judicial custody; he has not been tried and sentenced. He is only accused of cheating and other crimes; it is only after he stands trial that he can be sentenced to some years of imprisonment. We all know that he is guilty, but in the eyes of the law (and the State), he is innocent until he is proven guilty by the trial court. So, his fundamental right to Protection of Life and Liberty is only temporarily suspended, but it may be restored at a hearing -- whether it happens today or after several weeks. In the words of the Supreme Court, "Bail is rule, jail is exception".
If Diipesh Bhagtani is released on bail, that does not mean that he can easily flee the country, since his passport is still impounded by EOW. It is unlikely that he has the physical or mental capacity to pull off a great escape!
After Diipesh comes out, he may try to influence the minds of leading members of various groups, lawyers, etc. to sway people's opinion in favour of the private-sale proposal. People should avoid falling for such seductive propositions, regardless of whom they hear it from! Don't trust anybody; exercise your critical faculties and independent judgment. Learn to ask the right questions and think for yourselves!
The legal battles to seek various legal reliefs must generally continue, regardless of whether Diipesh Bhagtani is in judicial custody or outside.
Bottomline: Stop fearing the day that Diipesh Bhagtani will be released, and stay focused on the big picture!
ISSUED IN PUBLIC INTEREST BY
Krishnaraj Rao
9821588114
krish.kkphoto@gmail
People are confused, bewildered and disoriented. "Silly" questions are the most important ones, because they are basic and foundational!
SIX SILLY QUESTIONS:
1) "Our case against Bhagtani in Bombay HC got dismissed. Isn't it our failure?"
First of all, it wasn't "our case against Bhagtani", it was a case that Bhagtani filed for getting pre-arrest bail for the FIRs against him. Diipesh Bhagtani tried to fool the court and his victims and buy time, but he ultimately failed. His failure is our success. If Diipesh Bhagtani had succeeded, he would have been enjoying himself in Dubai with his family.
Riyo and Serenity flat-buyers became intervenors in High Court for two objectives: (a) to prevent Bhagtani from getting anticipatory bail (b) To exert pressure through the court for refund of their money. The first objective was achieved; it was a thumping success! (It would have been our total failure if Bhagtani had succeeded in doing what he set out to do at his 16th December meeting at Rang Sharda auditorium. That would have been a shame!)
2) "But we only want our money back; why should we try to put Bhagtani in jail? If he is in jail, who will give us our money?"
Firstly, if Bhagtani had any intention of refunding your money, he had ample opportunity for doing that already. The reason Diipesh Bhagtani is currently in jail is that he (and Laxman and Mukesh) have broken thousands of promises made to hundreds and thousands of people (including post-dated cheques, which is a very serious promise to pay). If you hold a gun to his head (figuratively, not literally), there is a chance that Bhagtani may refund some of your money. Aggressively prosecuting Bhagtani is a way of putting a "gun to the head" to get him to cough up your money. If you negotiate with Bhagtani, he will probably tempt you to give him more money by opting for the transfer option scam.
Secondly, nobody knows where Bhagtani diverted hundreds of crore rupees collected as booking amounts for flats in Riyo, Sapphire, Serenity, Sapphire, Krishaang, Executive, Horizon, etc. Some of it was channeled into land and fixed assets, some was lent to other companies and/or Bhagtani family members, some was paid out as salaries, commissions, bribes, etc., and some was stashed abroad. As we don't have any way of knowing where the money is, how can we possibly take legal steps to recover it? Prosecuting Bhagtani is causing EOW to interrogate Bhagtani, conduct search-and-seizure operations for financial records, and conduct forensic audits. The resultant chargesheet will contain findings about Bhagtani's assets and money-diversion. This information will become available to us. So, prosecution is a way of getting information to enable further action.
3) What are the chances that we will get back all our money? Is there a guarantee?
Some people believe that they will get back their entire principal amount plus 15% interest. That is unlikely. It may be possible to recover 30 to 50% of your principal amount by legal processes like MPID or RERA cases. People from different projects will surely end up recovering different proportions of their principal amount due to various factors (e.g. Bhagtani owned Serenity project land, but not Riyo project land.) You all have been in the financial equivalent of a huge smash-up on the Expressway. The ongoing legal initiatives are like rescue and salvaging efforts. Be realistic, nobody makes a 15% profit by selling his car for scrap!
And no, there are no guarantees of success. Courts are full of surprises, twists and turns. That is the nature of reality.
4) Why are we spending so much money on lawyers and court cases?
Every individual has at least three choices. One is to forgive, forget and move on in life. You can willfully forget that the Bhagtani chapter ever happened, and not look back, ever. That would be a legitimate decision, and may even be a wise one.
The second choice is to do whatever it takes to have Bhagtanis punished for the loss and pain that they have inflicted, and the dreams that they have shattered. For them, it isn't about the money that has been stolen from them, it is a matter of salvaging their pride and self-confidence that Bhagtanis have grievously wounded. This is also a legitimate choice.
The third choice is to do your utmost to recover your lost wealth -- partially if not fully.
Some people have made these choices without much conscious thought, often due to peer-group or social pressures. Others have made these choices without adequate information, or with wrong information given by lawyers and others. They need to re-assess their situation, and understand how much money, emotional energy and effort they can afford to invest in the legal battles that lie ahead. To live without regret, it is necessary to make these choices consciously, with complete awareness of your own financial and mental limitations. If you feel that your life-blood is being drained by your continuing legal battle, take a conscious decision and quit, so that you don't feel cheated and exploited later on. It is important to make choices that you can live with!
5) Won't it be easier if all of us unite and file a PIL in High Court?
No, there is no magic-bullet type solution, which can be applied to all Bhagtani victims. Even if we are talking about going to the same forum, e.g. RERA or High Court, specific approaches and strategies must be adopted for different projects like Riyo, Serenity, Savannah, etc. The approaches must be tailormade to your needs and beliefs. For example, some Serenity flat-buyers feel that it is worthwhile trying to get a RERA order against Bhagtani, while others feel that an order against Xander would be a safer bet. There are merits and challenges on both sides. And that is why many different approaches are being tried out by so many people, through different lawyers. Only time will prove which approach is successful.
Legal remedies are being pursued in various forums by some of the flat-buyers. But about 80% of Bhagtani's victims are still in wait-and-watch mode; they have not taken any concrete action, either out of indecision, apathy, ignorance or a conscious choice.
Having a large group can help to distribute the costs of lawyers' fees, etc, and make the court battle easier to sustain. But it is important to remember that law is not a blunt-force instrument like a hammer; rather, law is like a surgical scalpel. Decision-makers within groups may tend to wield the law like a hammer; they may confuse legal battles with politics, and try to bludgeon their way through obstacles. They may tend to override smart advice if they have already committed to a popular course of action.
So, answering the last question in a nutshell: No, success in legal battles is not about staying united, it is about knowing when to stay with the group, and when to separate from the herd and seek your own independent path. It is about actively seeking wiser counsel, and recognizing wiser counsel when you see it. It is about being aware of all your choices, and not limiting yourselves by a sense of false loyalty to any group or lawyer. It is about not falling prey to numerous logical pitfalls that dot the way ahead. It is about being wide awake and self-aware.
6) What happens if Diipesh Bhagtani is released from jail today? Won't all our efforts go waste?
Ok, get your facts correct: Bhagtani is currently in judicial custody; he has not been tried and sentenced. He is only accused of cheating and other crimes; it is only after he stands trial that he can be sentenced to some years of imprisonment. We all know that he is guilty, but in the eyes of the law (and the State), he is innocent until he is proven guilty by the trial court. So, his fundamental right to Protection of Life and Liberty is only temporarily suspended, but it may be restored at a hearing -- whether it happens today or after several weeks. In the words of the Supreme Court, "Bail is rule, jail is exception".
If Diipesh Bhagtani is released on bail, that does not mean that he can easily flee the country, since his passport is still impounded by EOW. It is unlikely that he has the physical or mental capacity to pull off a great escape!
After Diipesh comes out, he may try to influence the minds of leading members of various groups, lawyers, etc. to sway people's opinion in favour of the private-sale proposal. People should avoid falling for such seductive propositions, regardless of whom they hear it from! Don't trust anybody; exercise your critical faculties and independent judgment. Learn to ask the right questions and think for yourselves!
The legal battles to seek various legal reliefs must generally continue, regardless of whether Diipesh Bhagtani is in judicial custody or outside.
Bottomline: Stop fearing the day that Diipesh Bhagtani will be released, and stay focused on the big picture!
ISSUED IN PUBLIC INTEREST BY
Krishnaraj Rao
9821588114
krish.kkphoto@gmail
The answer varies based on the project you have booked a flat in.
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