Wednesday, 27 June 2018

ShubhAtika: How Origin Realtors & Ravi Group extort money from Bhagtani victims

Mumbai, 27th June, 2018: Many FIRs have been filed at Economic Offenses Wing (EOW) against Bhagtani builders for scamming hundreds of people in half a dozen Bhagtani projects, but no FIR has been filed against them for scamming people through the projects of allied builders such as Ravi Group and Origin Realtors LLP. It is high time for such FIRs to be registered against Bhagtanis where the co-accused are Ravi Group builders Ketan Tokershi Shah and Jayesh Tokershi Shah, and also Gaurav Ketan Shah, Yash Jayesh Shah and Bhavya Jayesh Shah of Origin Realtors LLP -- a close-knit family similar to the Bhagtanis. Some Bhagtani victims duped into investing in Shubh Atika are preparing to approach EOW with complaints of cheating, conspiracy and -- most significant of all -- extortion i.e. IPC Section 383.

How extortion? By putting these flat-buyers into fear of irretrievably losing their life-savings, these builders extracted more money from them, and continue to do so. 

To understand how exactly, let us read the story of one of the scores of victims. Bhawana Piyush Kumar and her husband ("the Kumars") booked a flat in Bhagtani Riyo in 2012 by paying Rs 17.3 lakh. The Bhagtanis (JVPD Properties Pvt Ltd) did not deliver this flat, and made it clear that they would not return the money for at least three years. They gave them only one way out: "transferring the investment" to Shubh Atika, a project promoted by their "channel partners" Origin Realtors. Vinay Shukla, a key employee of Bhagtani, led the Kumars to believe that the amount of Rs 17.3 lakh would be "adjusted" towards a flat in Shubh Atika, a project belonging to the Bhagtanis' close associates and so-called channel partners Origin Realtors LLP. As per RERA website, Shubh Atika is scheduled for completion in December 2022.

By using the already paid amount of Rs 17.3 lakh as a hook, Bhagtani builders dishonestly induced the helpless couple to swallow one more hook, i.e. booking a flat worth Rs 47 lakhs in Shubh Atika. Vinay Shukla was reportedly hands-on in this deceitful transaction, which amounts to cheating and extortion. Shukla reportedly made the couple pay him an additional Rs 51,000/- in cash which he may have kept for himself, as this amount is not mentioned in any receipt.

On 6th October, 2017, Bhagtanis took the Kumars' signatures on blank cheques and blank RTBS/NEFT forms and transferred an amount of Rs 7.59 lakh
from the Kumars' account to Origin Realtors. Meanwhile, they only refunded a measly amount of Rs 2.04 lakh to the Kumars' account. 

Thus, by using the already paid amount of Rs 17.3 lakh as bait, Bhagtani builders dishonestly induced the helpless couple to swallow one more hook, i.e. booking a flat worth Rs 47 lakhs in Shubh Atika. This was the first act of extortion in this case. So now, the Kumars are like a fish that swallowed the hooks of two fishermen i.e. Bhagtani builders and Shah builders.


The second act of extortion is currently in progress, as the Kumars received a demand letter in April 2018 for further Rs 23 lakh. In addition to 15% of the consideration amount that they have already paid, the Kumars are being asked to pay a further 50%, although, as per RERA website, zero percent of the construction work has been completed, and the completion date is in December 2022!

Here is a video taken in June 2018, showing the Shubh Atika project work at ground level:
 

Timeline of Exploitation 

The below documents tell the story of the step-by-step exploitation:
 
1) August 2013: The Kumars paid cheques of Rs 17.3 lakhs to JVPD Properties.
 
2) October 2013: Allotment Letter of Bhagtani Riyo flat. 

3) November 2015: Project delay of roughly one year was intimated through this letter.

4) July 2017: Bhagtanis wrote regret letter saying that they were unable to complete the project and called the Kumars for a meeting to propose "transferring the investment". This was in fact an act of extortion, because it was well-known by July 2017 that Bhagtani's "refund" would never materialize. This left the Kumars with only one alternative, viz. "transferring the investment".
 
5) August 2017: Kumars signed the so-called Deed of Cancellation in Bhagtani's office with Vinay Shukla. They were forced to sign this dishonestly-drafted document that stated that "The investors informed JVPD that due to unavoidable circumstances, the investors are unable to continue with the investment and have requested to refund the total amount paid to JVPD." JVPD's stated inability to complete the project was not mentioned.

6) October 2017: Origin Shubh Atika Allotment Letter and receipts shows that Bhagtanis took the Kumars' signatures on blank cheques and blank RTGS/NEFT forms and sent Rs 7.59 lakh to Origin Realtors from the Kumars' account. Meanwhile, they only refunded a paltry Rs 2.04 lakh to the Kumars' account. Both these transactions were done together on 6th October 2017.

7) April 2018: Ravi Group sent a demand letter for Rs 23.68 lakhs towards "Installment no. 3" for "commencement of plinth work". This letter seems intended to scare the Kumars to come down to their knees and beg the Shah builders to cancel their booking. Rather than be required to pay this large amount, the letter may be intended to induce the Kumars to forfeit a substantial chunk of their booking amount, or even this entire amount.
 
There are many heart-rending stories of economic exploitation of 40-odd victims of Bhagtani and Shah builders, whom one may refer to as the "transfer victims of Shubh Atika". They will soon be shared here one-by-one.

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


3 comments:

  1. I am one of Bhagtani victims in Savannah prij.lured by offers/ wonen discount, i paid 100% of flat amt and additional amt of 5 lakhs for oarking. When proj didn't start, i started to folliw up.Then they said there r prob getting govt approvals & futher lured me to take transfer to other proj. Series of mtng on this matter, reveled that this us another trap as they asked to pay additional amt of 50lakhs. Can u believe this. Bhagtanis shld be booked under fugitive economics offences& like vijay mallya Prosecuted at central level.

    ReplyDelete
    Replies
    1. Ref. No EOW CASE # 45/17 and FIR no.207 at Santacruz Police Station .
      Bhagtani’s of Jacee Homes /JVPL done fraud of more than Rs 800 Cr by collecting our Hard earned from 2588 nos. Buyers of Flats for 4 Projects since 2012, not refunding money back even not started construction after 4 years. We seek suitable action from Govt.PM/CM
      As affidavit furnished by Mr Dipesh Bhagtani in HC Nos of Buyers =2588,
      Amt paid By Buyers since 2012 in Cr= Rs427.65
      ST@3.09 Cr=Rs 13.21,
      Amt of Fraud i= Rs440.86Cr
      S I @ 15%PA for 58 Months Rs 319.63Cr
      FRAUD DONE BY BHAGTANIS Jacee Homes/JVPL AS ON JUNE 2018 =Rs 760.49 Cr
      We applied since 09/11/2017 to EOW Mumbai acknowledgement attached regarding we Chandrakanta D Rathore F62 and Devikishan Rathore M68 with all about 1162 flats byres/Investorshave been Cheated By JVPD/Jacee Homes Mumbai for Booking of Flats in Bhagtani Riyo 1 & 2 at Mira road Projects. JVPD has not got even land permission and not refunding our hard earned Money. We paid Rs 1036055/- booking Advance for Flat no T-802 in Riyo 2 dated 05/10/2013.As projects is now not coming up he must payback us our money as on April2018 with 15% PA interest becoming Rs 1748342/- as promised.
      Bhagtani JVPD/Jacee Homes Mumbai Collected as per his affidavit from 1162 nos of Byers/Investors principle Amt. Rs 116.39 Cr. + Service tax rs 3.06Cr.total Rs 120Cr.and as on date approx. it would become on laps of 55-60monts with interest @15%PA Rs 202.5 Cr. as promised by Bhagtani to refund on non providing of Flats.
      Sir we are struggling since 55-60 months for refund of our hard earned money but all in Vain. This is clearly Money Laundry and Cheating case than why Mukesh and Laxman Bhagtani are not arrested yet by serving red corner notice ,How much recovery done so far and what is update on ED ,Why MPID is not implemented yet. As heard more than 400 complain registered at EOW but not heard about any positive action and recovery plan.
      We request you for your positive action to get our hard earned money back soon in this regard

      Delete
  2. Ref. No EOW CASE # 45/17 and FIR no.207 at Santacruz Police Station .
    Bhagtani’s of Jacee Homes /JVPL done fraud of more than Rs 800 Cr by collecting our Hard earned from 2588 nos. Buyers of Flats for 4 Projects since 2012, not refunding money back even not started construction after 4 years. We seek suitable action from Govt.PM/CM
    As affidavit furnished by Mr Dipesh Bhagtani in HC Nos of Buyers =2588,
    Amt paid By Buyers since 2012 in Cr= Rs427.65
    ST@3.09 Cr=Rs 13.21,
    Amt of Fraud i= Rs440.86Cr
    S I @ 15%PA for 58 Months Rs 319.63Cr
    FRAUD DONE BY BHAGTANIS Jacee Homes/JVPL AS ON JUNE 2018 =Rs 760.49 Cr
    We applied since 09/11/2017 to EOW Mumbai acknowledgement attached regarding we Puneet D Rathore M37 and Sheetal P Rathore F36 with all about 1162 flats byres/Investors have been Cheated By JVPD/Jacee Homes Mumbai for Booking of Flats in Bhagtani Riyo 1 & 2 at Mira road Projects. JVPD has not got even land permission and not refunding our hard earned Money. We paid Rs 1036055/- booking Advance for Flat no T-801in Riyo 2 dated 05/10/2013.As project is now not coming up he must payback us our money as on June l2018 with 15% PA interest becoming Rs 1787195 /- as promised.
    Bhagtani JVPD/Jacee Homes Mumbai Collected as per his affidavit from 1162 nos of Byers/Investors principle Amt. Rs 116.39 Cr. + Service tax Rs 3.06Cr.total Rs 120Cr.and as on date approx. it would become on laps of 55-60monts with interest @15%PA Rs 202.5 Cr. as promised by Bhagtani to refund on non providing of Flats.
    Sir we are struggling since 55-60 months for refund of our hard earned money but all in Vain. This is clearly Money Laundry and Cheating case than why Mukesh and Laxman Bhagtani are not arrested yet by serving red corner notice ,How much recovery done so far and what is update on ED ,Why MPID is not implemented yet. As heard more than 400 complain registered at EOW but not heard about any positive action and recovery plan.
    We request you for your positive action to get our hard earned money back soon in these regard.
    SHEETAL RATHORE & PUNEET RATHORE ARE MY DAUGHTER AND SON

    ReplyDelete