The Mumbai police’s Economic Offences Wing (EOW) has arrested the owners of Sai Estate Consultancy Pvt Ltd – Amit Wadhwani, 39, and Vicky Wadhwani, 35 – for allegedly defrauding the top-notch advertising firm MAD India Pvt Ltd of ₹11 crore.
As per the statement of Manish Tulsidas Thakkar, the 39-year-old director of MAD India, Sai Estate Consultancy contracted his firm in 2017 for promotional services worth ₹18 crore. MAD is said to have successfully promoted Wadhwanis’ firm in newspapers, on news channels and even on online platforms, and 312 invoices were issued for the work. However, only approximately ₹7 crore was received out of the agreed amount.
Wadhwanis accused in cheating case
As per Thakkar’s complaint to the EOW, he went to the Wadhwanis to ask for money. At first they avoided him, and then deployed bouncers outside their office after a few days to stop Thakkar from entering. He was also allegedly pushed on one occasion, following which he approached the EOW.
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A police officer said that Amit and Vicky Wadhwani were presented before a court, which remanded them to EOW custody till January 20.
