Mumbai: Real estate firm director arrestedhttps://indianexpress.com/article/cities/mumbai/mumbai-real-estate-firm-director-arrested-5629345/

Mumbai: Real estate firm director arrested

Dipesh Bhagtani and the firm’s co-directors, Laxman Bhagtani and Mukesh Bhagtani, had floated a project, Bhagtani Eternity, after acquiring rights to redevelop a housing society in Andheri (West), the police said.

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Bhagtani was produced in court on Friday and remanded to police custody till March 20, while the EOW continues to look for the other accused. (Representational Image)

DIPESH BHAGTANI, the director of real estate firm Jaycee Homes, was arrested on Friday for alleged irregularities in a redevelopment project and cheating investors of Rs 1.76 crore.

The complainant in the case, Andheri (West) resident Nandkishore Sharma, had booked an apartment in a proposed 16-floor building on J P Road for Rs 2.16 crore and paid an advance of Rs 69 lakh. Bhagtani and the firm’s co-directors, Laxman Bhagtani and Mukesh Bhagtani, had floated a project, Bhagtani Eternity, after acquiring rights to redevelop a housing society in Andheri (West), the police said.

The Economic Offences Wing (EOW) has accused the firm of similarly taking advances from two other prospective buyers from 2014, which claiming that the building would have 23 storeys. The firm is also accused of not completing construction and handing over possession of homes within the stipulated period of time.

Bhagtani was produced in court on Friday and remanded to police custody till March 20, while the EOW continues to look for the other accused. Bhagtani is also an accused in eight cases of housing fraud being investigated by the EOW.