Mumbai, Dec 23: The Economic Offences Wing (EOW) of the Mumbai Police has registered an FIR against Dhananjay Wadkar (58), former deputy chairman of the Navi Mumbai Agricultural Produce Market Committee
(APMC), for allegedly cheating investors to the tune of ₹57.14 crore. The case has been registered at the Paydhuni police station.
Complaint Filed By Consultant Of Lavish Luxury LLP
According to the complaint filed by Rajendra Pisat (66), a consultant with Lavish Luxury LLP, Wadkar lured the company into investing in real estate by promising business expansion. Lavish Luxury LLP is engaged in the export and import of luxury goods. Wadkar joined the firm as a partner in 2021, and a partnership agreement was executed in November that year.
Alleged Misuse Of Political Connections
The complainant alleged that Wadkar, citing his political connections, persuaded the company’s partners to invest heavily in real estate. In November 2021, Lavish Luxury LLP allegedly transferred ₹433 crore to purchase 645 gunthas of land in Pune at purportedly low prices. Of this amount, Wadkar returned ₹135 crore, while the remaining ₹298 crore was allegedly used to acquire disputed and litigated land from farmers by paying only 10–20 per cent of the land value.
Land Transactions And Disputed Ownership
In total, around 16 acres of land were allegedly purchased. Of this, 243 gunthas were later sold at higher prices, while 402.45 gunthas remain in Wadkar’s possession, the complainant claimed. It is further alleged that Lavish Luxury LLP paid Wadkar ₹10–12 crore in cash and ₹17 crore via cheques. However, Wadkar allegedly failed to share the profits from the sale of land with the company, thereby cheating it.
Alleged Breach Of Trust And Financial Loss
The complaint further states that by misusing his position as a partner of Lavish Luxury LLP, Wadkar, along with his associates, misled other partners and fraudulently induced them to part with company funds.
The total value of the land sold is stated to be ₹29 crore, while the estimated government valuation of the remaining 402.45 gunthas allegedly held by Wadkar is ₹28.14 crore, taking the total alleged fraud to ₹57.14 crore.
Stamp Duty Evasion Alleged
Additionally, Wadkar is accused of causing loss to the government by evading stamp duty through registering land sale deeds at undervalued amounts.
Also Watch:
Legal Action And Court Hearing
Based on the complaint, the EOW has booked Wadkar for criminal breach of trust and cheating. Wadkar has approached the sessions court seeking relief, and the matter is scheduled for hearing on December 24.
To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/
