Mumbai EOW Charges Real Estate Brokers in ₹11 Crore Fraud Case
The Economic Offences Wing (EOW) of the Mumbai Police has filed a chargesheet against real estate brokers Amit and Vicky Bhagwan Wadhwani, directors of Sai Estate Consultants, in a cheating case involving over ₹11 crore.
Mumbai EowSai EstateReal Estate FraudManish ThakkarChargesheetReal Estate MumbaiJul 29, 2025
The case was initiated following a complaint by Manish Thakkar, director of advertising firm MAD (India) Pvt Ltd. Thakkar alleged that the Wadhwanis failed to pay for advertising services, including large hoardings and SMS campaigns, delivered between June 2017 and January 2024. The total dues exceeded ₹17 crore, of which only ₹6 crore was reportedly settled.
According to the chargesheet filed by Chembur police, Thakkar was allegedly threatened and physically assaulted by bouncers when he approached the Sai Estate office to recover the dues. Amit Wadhwani has also been charged with criminal intimidation.
The accused reportedly confessed that the unpaid funds were diverted for personal and business-related expenses. This is not the first time the Wadhwanis have faced legal trouble. They were previously booked in a ₹3.4 crore alleged cheating case along with builder Lalit Tekchandani.
Sai Estate Consultants Chembur Pvt Ltd is a prominent real estate firm in Mumbai, known for its various residential and commercial projects in the city. The company has been in the spotlight due to this and other legal issues, raising concerns about its financial practices and business ethics.
The chargesheet filed by the EOW highlights the seriousness of the allegations and the potential impact on the real estate sector in Mumbai. The case is expected to be closely monitored by both the legal community and the public, as it could set a precedent for similar cases in the future.
The Mumbai Police have emphasized their commitment to investigating and prosecuting financial crimes, particularly those involving large sums of money and multiple victims. The EOW has been actively working on several high-profile cases in recent months, demonstrating their dedication to ensuring justice and maintaining the integrity of the financial system in the city.
As the legal proceedings continue, the Wadhwanis and their legal team are expected to present their defense. The outcome of this case could have significant implications for the real estate industry in Mumbai and could lead to stricter regulations and oversight to prevent such incidents in the future.
Frequently Asked Questions
What is the Economic Offences Wing (EOW)?
The Economic Offences Wing (EOW) is a specialized unit within the Mumbai Police that investigates and prosecutes financial crimes, including fraud, cheating, and other economic offenses.
Who filed the complaint against Sai Estate Consultants?
The complaint was filed by Manish Thakkar, director of advertising firm MAD (India) Pvt Ltd, who alleged that the Wadhwanis failed to pay for advertising services worth more than ₹17 crore.
What are the charges against the Wadhwanis?
The Wadhwanis are charged with cheating, criminal intimidation, and diverting funds for personal and business-related expenses.
What is the total amount involved in the cheating case?
The total amount involved in the cheating case is more than ₹11 crore, with the total dues exceeding ₹17 crore and only ₹6 crore reportedly settled.
What is the significance of this case for the real estate sector in Mumbai?
This case is significant for the real estate sector in Mumbai as it highlights the need for stricter regulations and oversight to prevent financial crimes and protect the interests of clients and investors.
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