The Brave Pedestrian

12th July, 2018, Mumbai: My blog criticizing the consent terms of Sapphire Welfare Association (SWA) with Bhagtanis raised a hornet's nest. Some angry people asked whether I had any solution for getting their money back. If I didn't, I should just shut up, they said. (They also said a whole bunch of other things, but let us focus on the constructive part.) Yes, since you ask, I have specific ideas about how to get your money back. My proposed method is: Cash-and-carry (CAC). If a party's credit-worthiness is zero and he is already deep in debt, trade with them on CAC terms. Stop extending credit!  What Bhagtanis want from you now is quashing of FIR and withdrawal of complaints. What you want is your money. So you should aim to get what you want at the same time as (or before) Bhagtanis what they want -- not a day later! Like they say in movies, "Ek haath se do, ek haath se lo". Shopkeepers call it cash-and-carry. Everything else can be negotiated, but f...

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 unders...

Mumbai, 24th March, 2018: Bhagtani Riyo victims' efforts to compel EOW to apply MPID Act got a setback last week as the special judge rejected their application. After initial disappointment, the victims' reaction was: "We must appeal!" But the question arises: Is appealing likely to be fruitful? Let us apply our mind without sentimental attachment to past decisions and actions. First, let us remember why we filed the application under MPID. Why MPID? The full name of MPID Act is "Maharashtra Protection of Interests of Depositors (in Financial Establishments) Act, 1999". It is designed to protect "depositors in financial establishments". We had three challenges: (1) People who paid Bhagtani money are not exactly "depositors". (2) JVPD Properties Pvt Ltd is not exactly a "financial establishment" (3) Section 2(c)(iv)(a) of the MPID Act explicitly excludes "advance against order for goods or services" from ...

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...