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 firm is also accused of not completing construction and handing over possession of homes within the stipulated period of time. Bhagtani is also an accused in eight cases of housing fraud being investigated by the EOW. 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.
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