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Bhagtani Riyo, Jaycee Homes, Mira Road, Mumbai

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Bhagtani Riyo, Jaycee Homes, Mira Road, Mumbai

Last updated: August 14 2020
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  • Ken1020
    started a topic Bhagtani Riyo, Jaycee Homes, Mira Road, Mumbai

    Bhagtani Riyo, Jaycee Homes, Mira Road, Mumbai

    Guys, this is a new thread for the buyers who have invested in Jaycee Homes' Bhagtani Riyo. You can discuss here if you have been facing any problems by the builder Jaycee Homes or with real estate agents who have been selling the project.
    Welcome to share in and update each others knowledge.
    Last edited January 11 2017, 05:42 PM.

  • MANOJa
    replied
    UAE Interpol detains JVPD Properties' director Mukesh Bhagtani

    The notice was issued against Mukesh, director of JVPD Properties Ltd, in November 2018. The Bhagtanis collected money from 2,500 home-buyers but did not deliver flats. Cheating cases were later registered against them.


    https://www.indianrealestateforum.co...73#post2683273

    Leave a comment:


  • amul_capri
    replied
    Builder who fled after taking Rs 427 crore from home buyers detained in UAE

    Leave a comment:


  • MANOJa
    replied
    Please note -


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    Do not post personal information, such as full names, email addresses, numbers, or home/business name/addresses on the forum. If you feel the need to disclose this information, do it in a private message. Posts containing personal information will be deleted. Revealing real world information about a member, administrator or moderator is STRICTLY PROHIBITED, regardless of the source, public or private. This includes any information about a forum member that reveals an individual's legal name, address, occupation or other sensitive or personally identifiable information.

    Leave a comment:


  • messi.messimar
    replied
    Hello,

    I also invested my hard-earned money in the Jaycee Homes project in 2011.So,I want to know that what can be done to get my money back at the earliest .What is the official forum where all the buyers are together in this reagard?

    I am very concerned about this matter.

    Kindly let me know if anyone can suggest something in this regard.

    Leave a comment:


  • anumit
    replied
    Some of the investors from our group spoke with Mukesh and his Father recently through a Bhagtani employee who is still in touch with the duo. Not much came out of the phone call, but, it appeared that the Bhagtanis were in the process of moving their base our of Dubai after the recent string of court verdicts against them as they fear extradition.

    The employee mentioned that they had been offered asylum in Pakistan through ISI contacts that Lakshman Bhagtani had worked with in the past on his fake rupee printing scams several decades ago. The Bhagtanis had bought some property in the outskirts of Karachi and would be moving there in the summer making it impossible for Indian authorities to get to them.

    Leave a comment:


  • yogeshraja
    replied
    High Court directs Bhagtanis to deposit passports by Dec 25

    Court asks developer to deposit Rs 100 cr by Jan 11 or settle case with buyers

    The Bombay High Court on Wednesday directed Jaycee Homes Ltd partner Diipesh Bhagtani, his father Lakshman Bhagtani and brother Mukesh Bhagtani to surrender their passports with the Economic Offences Wing (EOW) by December 25, and gave them an ultimatum to deposit Rs 100 crore or 25 per cent of their total liability with the court by January 11.

    In the last hearing on Monday, Justice AS Gadkari had asked the Bhagtanis to deposit at least 25 per cent of what they owe to an estimated 2,500 home buyers with the court, and submit lists of their properties and how much they owed to buyers on Wednesday.

    According to his affidavit, 554 buyers had invested in Riyo Phase I, and 608 had invested in Phase II. He collected Rs116.39 crore from1,162 investors, the affidavit said. In Serenity project in Powai, 389 buyers had invested and his total outstanding stood at Rs 118.26 crore. In Savannah project in Kanjurmarg, 725 buyers had invested, and he pegged his total outstandings at Rs 147.38 crore. In Sapphire in Dahisar, his total outstandings were Rs 45.61crore from 312 buyers. He said his outstandings to 2,588 homebuyers in all four projects stood at Rs 427.65 crore. He also claimed without giving specifics that he had refunded Rs 84 crore to buyers earlier, and Rs 2.07 crore during the court proceedings.Accordingly, Diipesh Bhagtani filed an 80-page affidavit with the court giving details of his properties and revealing for the first time the full list of buyers and the money he had accepted from them.

    The court then sought to know how much money they could deposit with the court. When senior counsel Mahesh Jethmalani appearing for Bhagtani explained to the court that his client was facing a severe liquidity crunch and he could not pay upfront, the court expressed its displeasure. Jethmalani argued that the list of properties submitted to the court were valued much more than the liabilities. However, the court remained unimpressed by the argument, and asked Bhagtani to remain present before the court at 1.45 pm.

    Jethmalani later told the court that Bhagtani could not remain present but as per instructions from his client, he was ready to honour his previous commitment and deposit a sum of Rs 20 crore in two instalments of Rs 10 crore each. He said out of Rs 22 crore, Rs 2.07 crore were already deposited in the court, and the remaining would be deposited after the court reopens following the winter vacation.

    The court was not satisfied with the submission and said, “You are just buying time.” He then said he had the option of asking the Economic Offences Wing to attach the properties and insisted that Bhagtanis deposit a substantial sum of Rs 100 crore by January 11. Justice Gadkari said he would keep the matter for final hearing on January 11 and gave the option of settlement with the buyers before that hearing.

    Earlier, counsel Nitin Pradhan, who appeared for home buyers, had requested the court to impound the passports of Bhagtani. Justice Gadkari then asked all the three Bhagtanis to deposit their passports with the EOW investigating officer.

    When Jethmalani revealed that Lakshman Bhagtani and Mukesh Bhagtani were outside India, Justice Gadkari looked visibly upset and demanded to know how they could travel despite Justice AM Badar’s order that they need court’s permission before they travel abroad. He then directed all three Bhagtanis to surrender their passport by December 25.
    Case history

    July 8: First of the four FIRs under section 420 lodged against Lakshman Bhagtani and his sons Diipesh and Mukesh Bhagtani for allegedly cheating home buyers in Riyo project.

    Aug 23: Diipesh Bhagtani files anticipatory bail application seeking interim protection from arrest till

    August 28. Justice Revati Mohite Dere grants interim protection.

    Sept 15: Justice Revati Mohite Dere asks Bhagtanis to refund the home buyers their money.

    Sept 29: Bhagtanis tells the court that they will deposit Rs 22 crore and the first instalment would be deposited on or before

    October 12 Oct 3: High Court assignments change and matter comes up before Justice AM Badar. Diipesh Bhagtani files affidavit that he is ready to deposit Rs 22 crore in six equal instalments.

    Oct12: Justice Badar directs that if Bhagtanis have to travel abroad, they could do so with the permission of the court.

    Nov 1: Bhagtanis tell the court that they plan to move the National Company Law Tribunal with proposals to refund buyers’ money

    Nov 15: The government steps in. Minister of State for Home Ranjit Patil says they will assess the assets and liabilities of three developers, DSK Group, Jaycee Homes Ltd and Temple Rose group. Justice AM Badar recuses himself from hearing the matter.

    Nov 30: The matter comes up before Justice Anuja Prabhudesai. She warns Bhagtanis that the court will vacate the interim protection unless they refund the money, asks him meet buyers on December 16 and report to the court on December 18.

    Dec16: Diipesh Bhagtani reassures more than 500 buyers that he will liquidate his assets and refund their money. He claims he has assets worth Rs 570 crore and liabilities worth Rs 410 crore.

    Dec18: The HC assignments change and the matter comes up before Justice AS Gadkari. He asks Bhagtanis to at least deposit 25 per cent of the total outstanding dues

    Dec 20: Justice Gadkari asks Bhagtanis should deposit 25 per cent or Rs 100 crore by January 11 and directs all three Bhagtanis to surrender their passports to the police by December 25.



    Leave a comment:


  • yogeshraja
    replied
    Bhagtanis to liquidate company assets to pay off home buyers

    In a meeting, Diipesh Bhagtani told buyers he would liquidate his personal assets too if unable to refund their money by June 30


    There may finally be some good news for thousands of home buyers who have invested their hard-earned money in housing projects promoted by Diipesh Bhagtani and his father Lakshman Bhagtani of JVPD Properties Ltd. But only if the Bhagtanis keep their word.

    JVPD Properties Ltd Director Diipesh Bhagtani, on Saturday, promised more than 500 home buyers from four housing projects that he will refund their money by June 30 next year by liquidating the company’s assets.

    Following Bombay High Court’s orders, Bhagtani held the four-hour meeting with buyers who have invested in Bhagtani Riyo (Mira Road), Bhagtani Serenity (Powai), Bhagtani Savannah (Kanjurmarg) and Bhagtani Sapphire (Dahisar) at Rangsharda Auditorium in Bandra on Saturday.

    At the last hearing, Justice Anuja Prabhudesai had directed the Bhagtanis to hold a meeting with the buyers and discuss a time-bound plan to either refund their money with15 per cent interest or shift them to alternative flats in non-Bhagtani projects. She had also said that if he does not refund the money, she would not hesitate to vacate his interim pre-arrest protection. Saturday’s meeting saw a huge response from home buyers who have invested sums ranging from Rs 7 lakh to Rs one crore in these four projects that are yet to see the light of day. At the meeting, Bhagtani highlighted his company’s liquidity crunch and told buyers that he was not in a position to refund the money immediately but will sell the company assets to fulfill his liabilities.

    In a slide presentation, Bhagtani claimed that he had assets worth Rs 570 crore and pegged his liabilities at Rs 410 crore excluding the interest.

    He assured them that if the sale of his assets couldn’t fulfill his debt, he would liquidate other assets including his personal ones.

    In the meeting, he agreed to share the list of properties belonging to three of their construction companies, details of his personal assets, and a full list of buyers with the exact sum he needs to refund with interest.

    A battery of lawyers who represented home buyers including Devendra Nath Tripathi, Shraddha Dubepatil, Vivek Singh, Dinesh Rane, Ankur Pahade, Jayesh Mistry, Gunjan Choubey, AR Shaikh, and Asif Naqvi signed the mutually agreed minutes.




    Diipesh Bhagtani at the meeting in Bandra

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    Last edited December 18 2017, 01:50 AM.

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  • darkhorse
    replied
    Homebuyers seek Maha CM help to get money back

    Nearly 267 affected home buyers of Jaycee Homes alia JVPD Properties Pvt Ltd have signed a letter seeking help from the chief minister in getting their money back. The residents are from various projects of the developer, located in Powai, Mira Road, and Kanjurmarg. The letter was sent via speedpost to the CM Devendra Fadnavis on Saturday. The developer on the other hand says that he’s not fleeing the country as court has already asked them to seek its permission if they travel.Diipesh Bhagtani, Director, JVPD Properties Pvt Ltd, said, “The matter is pending before the High Court and sessions court. The high court in one of their orders has already mentioned that if we travel it has to be with the permission of the court. We are a 52-year-old company and we are looking to settle the claims against us. The court has also directed us to have a meeting with all the investors on December 16, and submit the minutes of the meeting in the next hearing.” The letter demanded to know, why Bhagtani builders (Jaycee) were still roaming free and enjoying life, why had not they been taken into judicial custody, and interrogated already?



    http://www.dnaindia.com/mumbai/report-homebuyers-seek-maha-cm-help-to-get-money-back-2565025

    Leave a comment:


  • yogeshraja
    replied
    Open Letter to Maharashtra CM: Why are Bhagtani builders still roaming free & enjoying life?

    Mumbai, 3rd December, 2017: An open Letter signed by 267 Bhagtani victims from various projects, was dispatched by Speedpost yesterday. The letter demanded to know why there was a inaction from the law-enforcement agencies despite Dipesh, Mukesh and Lakshman Bhagtani cheating thousands of home buyers. The letter demanded to know why Bhagtani builders were still roaming free & enjoying life? Why hadn't they been taken into judicial custody and interrogated already? Why weren't their passports impounded yet? This letter, with signatures, was sent to Chief Minister, Home Minister, Police Commissioner, Advocate General and MP Kirit Somaiya. Many victims worked patiently for many days to gather the 267 signatures from all over Mumbai, especially Kavita Doke (Dadar), Karunesh Nishesh (Mira Road), Ashok Palo (Powai), Dr John Paul (Dahisar), Dolly Sheth (Mulund) and Paresh Karia (Goregaon). Meanwhile, many NRI victims of Bhagtani, such as Mahesh Adhate, Suma Guha and Sarang Apte signed and sent the letter directly in their individual capacity from Canada, Middle East, etc. Click here to read the letter with its signatures. Text of this open letter is reproduced below: 25th November, 2017 Sub: Why are Bhagtani builders still roaming free & enjoying life? Why aren't they being interrogated in judicial custody? Why aren't their passports impounded yet? Dear Sirs, We, the undersigned, are cheated flat-purchasers of Bhagtani builders. More than 2000 flat-buyers like us booked flats in their projects including Riyo in Mira Road, Sapphire in Dahisar, Serenity and Krishaang in Powai, and Savannah in Kanjurmarg. Diipesh, Mukesh and Lakshman Bhagtani collected booking amounts between Rs 8 lakhs and Rs 80 lakhs per flat. Now, After collecting Rs 600 crore from our life-savings, they are neither delivering the flats, nor returning our money. They claim that they have no money at all. Our dreams of buying our own house in Mumbai have been shattered. The State Government is well aware of all this. A month ago, thanks to the efforts of Dr Kirit Somaiya, MP, Economic Offence Wing (EOW) announced that a Special Investigation Team was being set up. A week ago, Minister of State for Home Shri Ranjit Patil announced that government would probe the assets and liabilities of Bhagtanis. But, despite these announcement, Bhagtanis are still continuing to enjoy life, dine at 5-star hotels and fly to Dubai, London, etc at our expense. Sir, why is there so much delay? Why haven't the three Bhagtanis been arrested already? Why haven't they been intensively interrogated in police custody and judicial custody? Why aren't their passports impounded? Why aren't their books of accounts seized so far? Is the government waiting for the Bhagtanis to settle abroad like Vijay Mallya and Lalit Modi and enjoy our money at leisure? Otherwise, why the delay and inaction? Many money-laundering techniques are being employed to divert their ill-gotten wealth into unrelated bank accounts in India and abroad. The Bhagtani family is in an advanced stage of settling abroad. There are at least six FIRs currently registered against Bhagtani builders for cheating and fraud. Sessions Court has repeatedly refused bail to them, but they are buying time by approaching high court and appointing high-powered senior counsels. The public prosecutors are not strongly arguing for arrest and travel restrictions. Some High Court judges appear to be protecting Bhagtanis by giving lenient orders. This judicial drama has been going on for the past three months. Sir, please end this drama by taking swift action to prevent the Bhagtanis from settling abroad with their ill-gotten wealth. Otherwise, the BJP government at state and centre will be exposed to public ridicule. We believe in your good intentions; please take firm actions to uphold our belief. Thanking you in advance, Yours sincerely, SOME OF BHAGTANI'S 2000-PLUS VICTIMS

    Krishnaraj Rao
    Mumbai, 3rd December, 2017: An open Letter signed by 267 Bhagtani victims from various projects, was dispatched by Speedpost yesterday. The letter demanded to know why there was a inaction from the law-enforcement agencies despite Dipesh, Mukesh and Lakshman Bhagtani cheating thousands of home buyers. The letter demanded to know why Bhagtani builders were still roaming free & enjoying life? Why hadn't they been taken into judicial custody and interrogated already? Why weren't their passports impounded yet?

    This letter, with signatures, was sent to Chief Minister, Home Minister, Police Commissioner, Advocate General and MP Kirit Somaiya. Many victims worked patiently for many days to gather the 267 signatures from all over Mumbai, especially Kavita Doke (Dadar), Karunesh Nishesh (Mira Road), Ashok Palo (Powai), Dr John Paul (Dahisar), Dolly Sheth (Mulund) and Paresh Karia (Goregaon).


    Meanwhile, many NRI victims of Bhagtani, such as Mahesh Adhate, Suma Guha and Sarang Apte signed and sent the letter directly in their individual capacity from Canada, Middle East, etc.



    Click here to read the letter with its signatures.







    Text of this open letter is reproduced below:

    25th November, 2017

    Sub: Why are Bhagtani builders still roaming free & enjoying life?
    Why aren't they being interrogated in judicial custody?
    Why aren't their passports impounded yet?

    Dear Sirs,

    We, the undersigned, are cheated flat-purchasers of Bhagtani builders. More than 2000 flat-buyers like us booked flats in their projects including Riyo in Mira Road, Sapphire in Dahisar, Serenity and Krishaang in Powai, and Savannah in Kanjurmarg. Diipesh, Mukesh and Lakshman Bhagtani collected booking amounts between Rs 8 lakhs and Rs 80 lakhs per flat. Now, After collecting Rs 600 crore from our life-savings, they are neither delivering the flats, nor returning our money. They claim that they have no money at all. Our dreams of buying our own house in Mumbai have been shattered.

    The State Government is well aware of all this. A month ago, thanks to the efforts of Dr Kirit Somaiya, MP, Economic Offence Wing (EOW) announced that a Special Investigation Team was being set up. A week ago, Minister of State for Home Shri Ranjit Patil announced that government would probe the assets and liabilities of Bhagtanis. But, despite these announcement, Bhagtanis are still continuing to enjoy life, dine at 5-star hotels and fly to Dubai, London, etc at our expense. Sir, why is there so much delay? Why haven't the three Bhagtanis been arrested already? Why haven't they been intensively interrogated in police custody and judicial custody? Why aren't their passports impounded?Why aren't their books of accounts seized so far?

    Is the government waiting for the Bhagtanis to settle abroad like Vijay Mallya and Lalit Modi and enjoy our money at leisure? Otherwise, why the delay and inaction?

    Many money-laundering techniques are being employed to divert their ill-gotten wealth into unrelated bank accounts in India and abroad. The Bhagtani family is in an advanced stage of settling abroad.

    There are at least six FIRs currently registered against Bhagtani builders for cheating and fraud. Sessions Court has repeatedly refused bail to them, but they are buying time by approaching high court and appointing high-powered senior counsels. The public prosecutors are not strongly arguing for arrest and travel restrictions. Some High Court judges appear to be protecting Bhagtanis by giving lenient orders. This judicial drama has been going on for the past three months.

    Sir, please end this drama by taking swift action to prevent the Bhagtanis from settling abroad with their ill-gotten wealth. Otherwise, the BJP government at state and centre will be exposed to public ridicule. We believe in your good intentions; please take firm actions to uphold our belief.

    Thanking you in advance,

    Yours sincerely,


    SOME OF BHAGTANI'S 2000-PLUS VICTIMS

    http://thebravepedestrian.blogspot.i...m-why-are.html

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    Last edited December 4 2017, 01:57 AM.

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