The flat, numbered 301 on the 3rd floor of Building No. 3, spans approximately 4,610 square feet and includes five dedicated car parking spaces. With a reserve price of Rs. 28.79 crore, the e-auction is scheduled for January 20, 2026, via an online platform, following the bank’s possession of the asset in June 2022. This move comes after Bhatter and his wife, Meghna Kedia Bhatter, defaulted on a home loan, ignoring a demand notice issued in January 2020.

Bhatter, a Kolkata-based businessman, rose to infamy through his role as the dominant promoter and director of BRH Wealth Kreators Ltd. (formerly BMA Wealth Creators Ltd.), a stockbroking firm that has been at the center of a massive investor fraud. The scam involved the systematic looting of client funds and securities, with allegations of unauthorized transfers, illegal pledging to secure loans, and diversion of hundreds of crores to related entities and personal ventures.

Investors reported that Bhatter’s firm misused powers of attorney to transfer shares from demat accounts, funneling money through interconnected companies for personal gains, such as acquiring high-end properties in Mumbai. The regulator first cracked down in October 2019 with an interim ban, citing a Rs. 93 crore shortfall in client securities and Rs. 169 crore in improperly pledged assets. By 2020, the bans were confirmed and hefty fines imposed, including Rs. 5 crore each on BRH Wealth Kreators and its subsidiary BRH Commodities, and Rs. 1 crore on Bhatter personally.

In March 2023, the company’s registration was revoked, barring Bhatter and associates from the market for up to seven years. The Enforcement Directorate (ED) escalated the probe under PMLA, conducting raids in July 2025 at premises linked to Bhatter, uncovering incriminating evidence of money laundering and fund diversion.

This auction highlights the fallout from Bhatter’s alleged schemes, which defrauded numerous investors and eroded trust in the broking industry. As the ED continues to trace financial trails, more assets may face similar fates. Potential bidders are advised to verify encumbrances, with the sale on an “as is where is” basis.

Also Read: Mumbai Court Summons Developers in Patra Chawl Scam After ED Files New Money Laundering Complaint

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