Wednesday, 9 May 2018

Proof that Bhagtani has liquidity & EOW has NOT freezed all accounts!

Mumbai, 10th May, 2018: Hundreds of cheated home-buyers of Bhagtani builders (also known as Jaycee Homes and JVPD Properties) are running from pillar to post, trying to recover lakhs and crores of rupees that they paid for booking flats. Circumstances have led most victims to believe that Diipesh, Mukesh and Lakshman Bhagtani have no money. People have become almost convinced that over Rs 450 crore collected towards Riyo, Sapphire, Serenity and Savannah projects has somehow magically vanished like water poured on desert sand. "EOW officers say that they have freezed all the accounts, and all accounts have zero balance," say victims who are in regular touch with the police.

But if this is true, then how did Bhagtani repay an SBI loan of Rs 12.40 crore in April 2018? Look at this screenshot from Ministry of Corporate Affairs (MCA) website:


If you can't believe your eyes, read this Certificate of Satisfaction of Charge issued by Ministry of Corporate Affairs. Yes, Jaycee Homes repaid Rs12.40 cr in April 2018. (Maybe not the entire amount at once, but still...)

So, what are the implications of this?

a) It means that all Bhagtani accounts are not frozen, and/or there are accounts that EOW doesn't know about.

OR

b) It means that some friend, business associate or family-member paid off the loan to satisfy the charge. If this is the case, then it could also mean that the money given by flat-buyers may be partly or entirely parked with that same party.

Three things led to the belief that Bhagtanis have no money: 

(1) Bhagtanis did not deposit Rs 22 crore with Bombay High Court. The couldn't even pay the first monthly installment of Rs 3.5 crore. As a result, their anticipatory bail application was rejected by Justice Gadkari, and so Diipesh Bhagtani was put behind bars. He has been there for the past four months. Mukesh and Lakshman have gone underground to evade arrest. If Bhagtanis had money, why did they let this happen?

(2) Bhagtanis did not repay Xander loan of approximately Rs 11 crore (Rs 15 crore with interest). As a result, the SARFAESI Act was invoked by Xander and mortgaged properties -- Krishaang and Serenity -- were taken over. The value of these properties is at least Rs 50 to 60 cr. If Bhagtanis had money, why did they let this happen?

(3) During recent High Court hearings of Krishaang case, Diipesh Bhagtani pleaded that his wife was running his household with her earnings, and that they could not pay their son's school fees. He pleaded for some bank accounts to be unfreezed so that he could meet household expenses.

But if Bhagtanis are so poor, then how did they repay this huge loan and release the asset? Where did all that liquidity come from? Bhagtanis are not legally authorized to sell off any assets in the current situation, nor are any of their bank accounts supposed to be active. From which bank account did the last installment of repayment come, and how? 

And what exactly are the mortgaged assets, and what are they worth? Can it be a land parcel having a very high value?

This loan repayment raises a lot of questions. It also raises some hopes.

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

9 comments:

  1. Krish, Great job finding this. If this asset was worth making payments on for a serial defaulter, it must be worth way more than Diipesh's freedom. The money has been moved into 3rd party accounts via loans etc to shield them from the authorities eyes. Classic case of Money Laundering!

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  2. Great job, Kris. This simply indicates Bhagtanis have been successful in keeping the authorities at bay by their smart stealing and parking of public money. Law must take strong stand and prove that no one can escape Indian authorities irrespective of the number of countries they run.

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  3. Superb article and great findings.. Wish the government officials and the investigating agencies would have been as efficient as you.. Things would have been completely different..
    Please keep supporting us.. Thank you

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  4. Superb article and great findings.. Wish the government officials and the investigating agencies would have been as efficient as you.. Things would have been completely different..
    Please keep supporting us.. Thank you

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  5. Sir appreciate your article.
    But the flat purchasers ignored some things and still ignoring. As discussed earlier, they need to have proper comprehensive stretagy. They cannot fight a demon having more heads than Ravan in such casual way of experiments. They need to think are they are offering themselves as volunteers for experiments?
    I think flat purchasers failed to understand simple strategy of Bhagtanis:
    1) To get some accounnts freez as an eyewash through EoW. But by doing so that get excuse for not honouring cheques issued towards refund.
    2) They sold all other assets or get took over Xander. So now nothing major remain.
    3) They will now apply to NCLT.
    4) Balance share capital of few lakhs will be distributed by NCLT among all flat purchasers even after getting orders from RERA.

    Why did EOW not attached their office, reilsidence or at least serenity site? Are they fool? Is this first case EoW working on?

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  6. Great findings ....thanks for sharing

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  7. Thanks for sharing this with us

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  8. This is big Krish. While we all know that the Bhagtanis have safely put away their money somewhere, this is evidence of the same. They are avoiding becoming a Bank NPA as then the action will be more stringent.

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  9. This is big Krish. While we all know that the Bhagtanis have safely put away their money somewhere, this is evidence of the same. They are avoiding becoming a Bank NPA as then the action will be more stringent.

    ReplyDelete