EOW books man in Rs 10-crore Croatia, Zagreb villa case; complaint names father, two more investors allege similar losses by fake Croatian farmland deals

The Economic Offences Wing (EOW) of Chandigarh Police has registered a case of cheating, criminal breach of trust and criminal conspiracy against Mayank Jagwani and others. Delhi-based investor Kunal Tolani alleges a wrongful loss of about Rs 10 crore in a transaction involving a villa in Zagreb, Croatia.

The FIR (No. 0008) was registered on October 19 under Sections 406, 420 and 120-B of the Indian Penal Code. It is based on a joint complaint to the Director General of Police in August 2025 by Tolani and two other investors, Gaurav Abrol of Zirakpur and Naveen Parashar of Bharatpur. The complaint named Mayank Jagwani and his father, Ravi Jagwani, among others. According to the FIR, Mayank Jagwani is Tolani’s cousin and Ravi Jagwani is his maternal uncle.

The villa transaction

According to the FIR, Tolani was introduced to Rohit Bakshi, director of 3BL Sports India Pvt Ltd, through Mayank Jagwani at a meeting in Chandigarh in 2022, and invested money in the company. After the business ran into losses, a villa in Zagreb owned by Bakshi’s Croatian company was transferred on September 13, 2023, to a company associated with Mayank Jagwani. The FIR records that the transfer followed meetings in Chandigarh, and that it was meant to settle Tolani’s dues. It also records that the agreed amount of about Rs 10 crore was never paid to Tolani.

In his statement to police, Bakshi alleged that Mayank Jagwani, in connivance with his father, conspired to cheat him and Tolani. He also alleged that the villa has been rented out since September 2024, that Mayank Jagwani is collecting the rent, and that a Croatian bank loan was taken against the property. Bakshi has filed a separate complaint, which police received in June this year. The FIR further records that, according to audio recordings examined during the enquiry, Ravi Jagwani accepted liability towards Tolani.

Two more investors allege similar pattern

The two co-complainants have made allegations that they say follow a similar pattern.

Gaurav Abrol alleges that Ravi Jagwani approached him in 2020 with a proposal to invest in farmland in Croatia. He alleges he was shown soil reports and promised high annual returns, and that he lost about Rs 30 lakh along with further expenses. The police’s enquiry notes in the FIR record that Abrol backed his allegations with recorded statements, WhatsApp chats and audio recordings.

Naveen Parashar alleges that in 2021 he bought plots in Croatia that were represented to him as free of debt. He alleges that a power of attorney he executed was later misused to lease and mortgage his land.

The FIR states that the police examined documents, witness statements, bank transactions, WhatsApp chats and audio recordings before registering the case. It records that Mayank Jagwani denied any liability towards Tolani or in respect of the villa.

Tolani said he had placed all his records before the police. “Anyone considering an overseas property investment through personal or family networks should verify title and encumbrances independently. Anyone who has had a similar experience should approach the authorities,” he said.