Mumbai: Sai Estate Consultant Directors Arrested for Cheating & Forgery
Amit and Vicky Wadhwani apprehended for allegedly defrauding property investors – Accused partner Lalit Dharmani still at large – This is the third case of arrest involving Amit Wadhwani – Multiple fraud cases being investigated by the Economic Offences Wing (EOW) – Complaint filed by Yogesh Lakhani, film producer and director of Bright Outdoor Media In the latest development in a series of fraud cases in the real estate sector, the Mumbai Police’s Economic Offences Wing (EOW) has arrested builders Amit Wadhwani and Vicky Wadhwani. The duo is accused of cheating and forgery and currently being held in police custody. However, their partner Lalit Dharmiani continues to elude authorities. This arrest marks the third time that Amit Wadhwani, one of the builders, has faced charges relating to fraudulent activities. The police acted upon a complaint lodged by Yogesh Lakhani, a well-known film producer and the director of Bright Outdoor Media. The police registered a First Information Report (FIR) at Amboli police station in Andheri under the relevant sections of the Indian Penal Code (IPC), including cheating, forgery, and criminal breach of trust. Deputy Commissioner of Police EOW, Sangramsingh Nishandar, confirmed the arrests and stated that strict action will be taken against anyone found guilty of such malpractices in the real estate sector. The arrest sends a strong message to individuals engaging in fraudulent activities within the industry. The EOW, which is currently investigating multiple fraud cases against Wadhwani and his accomplices, aims to crack down on such unlawful practices to maintain transparency and protect the interests of property investors. Real estate fraud has become a growing concern in recent years, with several cases shaking public confidence in the industry. Builders and developers found guilty of fraudulent activities often exploit the trust and financial investments put into their projects by innocent buyers. The authorities remain committed to bringing justice to such individuals who engage in cheating, forgery, and breach of trust. The real estate market in India has seen a significant transformation in recent years. However, these incidents of fraud underline the need for strong regulatory mechanisms and stricter oversight to preserve the integrity of the sector. The hopes for the swift arrest of Lalit Dharmani, the third partner in this case, rest on the shoulders of law enforcement agencies who continue their search. Law-abiding citizens have also been urged to remain vigilant and timelier in the reporting of any suspicious activities they come across in the real estate sector. Community awareness becomes indispensable in fighting together against such fraudulent practices that could potentially harm the overall growth and trust-building measures within the industry. The arrests of Amit and Vicky Wadhwani should serve as a warning to others operating in the real estate sector that illegal activities will not go undetected for long and culprits will be brought to justice. This initiative may not only deter future fraudsters but also help restore faith in the market for homebuyers nationwide. Fortunately, film producer Yogesh Lakhani’s timely complaint has set an example for potential white-collar crime victims to come forward and take action against perpetrators. As investigations unfold, the continuous efforts of the police and regulatory bodies are of paramount importance to ensure efficient monitoring and prosecution of offenders involved in fraudulent activities within the real estate sector. This setback will hopefully act as a stepping stone toward a more transparent and ethically sound industry, bonded by trust and success.
