Four investors have accused three city based residents of alleged fraud in connection with a luxury villa and agricultural land in Croatia, Europe, claiming irregularities in property ownership, rental income and loans raised against the assets.
The economic offences wing (EOW) of the Chandigarh Police has registered a case after conducting a preliminary examination of bank transactions, WhatsApp conversations, witness statements and audio recordings, according to the complaint.
According to the complaint, accused Mayank Jagwani introduced Kunal Tolani to Rohit Bakshi, director of 3BL Sports India Pvt Ltd, during a meeting in Chandigarh in 2022. Tolani subsequently invested a substantial amount in the business.
Following losses in the venture, a villa in Zagreb, Croatia, registered in the name of Bakshi’s Croatian company, was transferred on September 13, 2023, to a company linked to Mayank Jagwani.
The complainant alleges that the property transfer was intended to settle Tolani’s outstanding dues of ₹10 crore. However, the promised payment was allegedly not made.
Bakshi alleged that the villa had been rented out since September 2024 and that Mayank Jagwani was collecting the rental income. The complaint also alleges that the property was mortgaged with a local Croatian bank to raise a substantial loan.
Bakshi accused Jagwani and his father of conspiring against him and Tolani. Audio recordings reportedly submitted to the police also allegedly had statements in which Ravi Jagwani acknowledged the outstanding liability.
Gaurav Abrol of Zirakpur also alleged that in 2020, Ravi Jagwani persuaded him to invest in agricultural land in Croatia by promising attractive returns and showing him a soil-testing report. Abrol claimed to have suffered a loss of approximately ₹30 lakh. He reportedly submitted WhatsApp conversations and audio recordings to the police as supporting evidence.
Another complainant, Naveen Parashar of Bharatpur, alleged that he purchased plots in Croatia in 2021 that were represented as free from encumbrances. He claimed that his power of attorney was subsequently misused to lease the land and obtain a bank loan against it.
Police examined the documents and recordings submitted with the complaints before registering the case. However, Mayank Jagwani has denied the allegations against him to the police, the liabilities associated with the villa and any outstanding dues payable to Tolani.
A case has been registered under Sections 120-B (criminal conspiracy), 406 (criminal breach of trust) and 420 (cheating) of the Indian Penal Code (IPC) on October 19.