Diipesh Bhagtani surrenders after Bombay High Court rejects bail

The Bombay High Court on Thursday rejected the Anticipatory Bail Application (ABA) of Bhagtani developers. Diipesh Bhagtani of JVPD Properties Pvt Ltd agreed on record that the builder owes its investors and homebuyers an amount of Rs 400 crore. According to the lawyer representing the investors and home buyers, Vivek Singh, the Bhagtanis were to deposit their passports and Rs 22 crore but they failed to do so hence their ABA has been rejected.

However, investors and homebuyers are uncertain whether this development will work in their favour. "I am now filled with questions like — What next? What about my money? We have achieved putting him behind bars but it is still a big question whether the judicial system will ensure that the homebuyers will get their money back. This is not a case of the developer losing money in business. Instead it's a scam wherein the Bhagtanis have fled, two of the directors are still absconding. I hope the EOW is able to investigate the money trail as they have cleverly not filed their returns for the past three years," said Seema Saini, one of the homebuyers.

Meanwhile, Diipesh Bhagtani's lawyer told DNA, "Around 7.15 pm Diipesh surrendered himself to EOW and is now in their custody." The Bhagtanis own JVPD Properties Pvt Ltd and they have been in the news for not being able to deliver homes or return the money owed to their investors and homebuyers. Diipesh said, "I am surrendering today, my lawyer will send you the surrender details."