Bank to auction 5 properties of Wadhwani bros

Properties belonging to Amit and Vicky Wadhwani, who are being investigated for cheating, will be auctioned by the Mumbai District Central Co-operative Bank for recovery dues of ₹84.42 crore. The properties include commercial units and flats, with the auction scheduled for February 22.

Mumbai: Five properties belonging to Amit and Vicky Wadhwani, who are currently being investigated by the Economic Offences Wing in connection with multiple cases of cheating, are scheduled to be auctioned by the Mumbai District Central Co-operative Bank (MDCCB) for recovery dues worth ₹84.42 crore.

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The properties were mortgaged with the MDCCB, with Amit and Vicky Wadhwani’s firm, their father Bhagwan Wadhwani and sister Sonia Wadhwani as guarantors. The bank has now taken physical possession of the properties under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), and they will be auctioned online on February 22, between 12noon and 1pm, according to a notice published on Monday.

The five properties include three commercial units with a carpet area of 1,797 sqft on the second and eighth floor of Origin 108 building in Chembur West. The reserve price for each of these three units has been fixed at ₹6.87 crore, with an earnest money deposit of ₹68.75 lakh.

The other two properties include a 680 sqft flat in Calista building in Chembur’s Sindhi Society, and an 870 sqft flat in Rosewalt Heights building in Deonar. The reserve price for the flat in Calista has been fixed for ₹1.8 crore with earnest money deposit of ₹18.03 lakh, while the Deonar flat has a reserve price of ₹2.34 crore, with ₹23.46 lakh as earnest money deposit.

Interested parties can visit the properties for inspection on February 15, while the minimum bid increment amount for the auction will be ₹50,000, the notice added.

Amit and Vicky Wadhwani were arrested by the Economic Offences Wing of the Mumbai police in mid-January for allegedly cheating an advertisement company, MAD India Pvt Ltd, of ₹11.11 crore. According to the complaint by Manish Thakkar, who runs the ad firm in Mulund, MAD India published/ aired advertisements for the Wadhwanis in print, radio, and TV worth ₹17.07 crore, but they paid only ₹5.95 crore.

The brothers operated several companies including Mediatech, Buffering Media, and Sai Estate Consultants. Several developers had complained against Sai Estate Consultants for making allegedly false promises to customers on behalf of developers and causing losses.