₹11 Crore Fraud Case: Chargesheet Filed Against Mumbai Realty Brokers
Mumbai 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 filed by Manish Tulsidas Thakkar, director of advertising firm MAD India Pvt Ltd. Thakkar alleged that his company provided extensive advertising and promotional services to Sai Estate Consultants between June 2017 and January 2024 but was not fully paid for the work.
According to the FIR registered by Chembur Police, MAD India handled several major campaigns for the real estate company, including large outdoor hoardings and bulk SMS promotions. The total outstanding amount reportedly crossed ₹17 crore, but less than ₹6 crore was allegedly paid.
Investigators stated that when Thakkar repeatedly demanded clearance of pending dues, he was allegedly threatened and even manhandled by bouncers at the company’s office. The chargesheet includes allegations of criminal intimidation against Amit Wadhwani.
Police officials further claimed in the chargesheet that funds meant for payment were allegedly diverted towards personal and business-related expenses.
This is not the first legal trouble involving the accused. Last year, the Wadhwani brothers, along with builder Lalit Tekchandani, were also booked in another cheating case involving ₹3.4 crore.
The case has once again highlighted concerns around financial disputes and alleged fraud in Mumbai’s real estate sector, where businesses and service providers often face long battles over unpaid dues.
News Source : Information for this article was gathered from a variety of reliable news outlets.
