The Economic Offences Wing of the Mumbai Crime Branch has taken over an investigation into Hiren alias Romi Bhagat, Akash Gupta, and others for allegedly cheating a former corporate executive of ₹7.99 crore under the pretext of clearing commercial tax dues. The action follows a first information report registered by the Bandra Police based on a complaint lodged by Amit Prabhakar Tipnis, a 50-year-old former country manager of BWW Global Pvt Ltd. The complainant alleged that the accused promised to resolve tax liabilities totaling approximately ₹11 crore that remained pending after the firm ceased operations during the pandemic in 2020.
Pact to Clear Pending Tax Obligations
According to the complaint, Tipnis was introduced to Bhagat and an associate named Gusa by an advocate, Prakash Nichani, on September 6, 2023. During discussions, the accused advised Tipnis to lodge a complaint in Guwahati against Sachin Adhikari, who was described as the overall head of the company, and assured him that the firm’s Goods and Services Tax matters would subsequently be resolved.
Pressure mounted following Bhagat’s arrest in January 2024, when Gupta allegedly instructed Tipnis to transfer funds into designated accounts. Gupta reportedly warned Tipnis that his banking facilities would be frozen through departmental contacts if he failed to comply. Shortly after this warning, Tipnis discovered that his Axis Bank account in Vashi had been frozen by tax officials, prompting him to accept renewed assurances that the firm’s combined GST and VAT liabilities could be cleared without full settlement payments.
Large Fund Transfers and Coercive Encounters
Acting on these commitments, Tipnis transferred nearly ₹8 crore to various bank accounts specified by the accused. The transactions included a professional fee payment of ₹5 lakh to a chartered accountant, Pujan Parmar, on June 29, 2024. Despite sustained follow-up inquiries beginning in August 2024, Tipnis received neither concrete documentation nor evidence confirming that the liabilities had been discharged.
The situation deteriorated further during an in-person meeting at the Four Seasons hotel in Worli on March 13, 2025. Tipnis stated that Bhagat confronted him at the venue, telling him that transferring the funds had spared him from confinement in Guwahati Central Jail. After Gusa blocked his phone calls in early February, Tipnis approached law enforcement authorities, citing financial loss and direct concerns regarding his physical safety.
Crime Branch Begins Detailed Financial Audit
The Economic Offences Wing is examining the money trail, the role of designated intermediaries, and communication records shared among the parties involved. Investigators are also scrutinising whether the accused possessed any formal authority or operational mechanism to settle official state and federal tax claims.
Bhagat was previously probed in connection with a money-laundering matter related to Cox and Kings, in which a special court granted him bail in July 2024 after observing reasonable grounds existed to believe he was not guilty at that juncture. Officials noted that the current allegations remain under active investigation, with the claims outlined in the police report yet to be tested in court.
