Mumbai Realty Brokers Face Chargesheet in ₹11 Crore Fraud Case
Mumbai: The city police’s Economic Offences Wing has filed a chargesheet against real estate brokers Amit Bhagwan Wadhwani and Vicky Bhagwan Wadhwani, directors of Sai Estate Consultants Chembur Pvt Ltd, in connection with an alleged cheating case involving more than ₹11 crore.
The case stems from a complaint lodged by Manish Tulsidas Thakkar, director of MAD (India) Pvt Ltd, who accused the Wadhwani brothers of failing to clear payments for advertising services provided between June 2017 and January 2024.
According to the FIR registered by Chembur Police, MAD (India) handled several promotional campaigns for Sai Estate Consultants, including large outdoor hoardings and bulk SMS marketing.
Police said the total outstanding amount rose to more than ₹17 crore, but less than ₹6 crore was paid by the accused.
The chargesheet further states that when Thakkar repeatedly demanded payment, he was allegedly threatened and physically intimidated by bouncers at the company’s office. Amit Wadhwani has also been charged with criminal intimidation.
Investigators claim the accused told police that funds were diverted for personal and business expenses instead of settling dues.
Notably, the two brokers were also booked last year along with builder Lalit Tekchandani in another alleged ₹3.4 crore cheating case.
News source: Information for this article was gathered from a variety of reliable news outlets.
