High-flying agent accused of buying his own listing in secret carve-up of Melbourne’s fringe

Former employees of a high-profile Toorak-based real estate agent claim he was a secret director of syndicates that bought two development sites on Melbourne’s outer fringes that he or his company were selling, in an alleged breach of the law.

Rural land on the city’s boundary can become extremely valuable if it is rezoned to allow suburban subdivisions. Mr Dandiwal claims to have negotiated sales of $3 billion in the past decade, and has adopted as his motto, “everything I touch turns to sold”. Online real estate listings from the time show Mr Dandiwal was the agent for the property. The property’s vendor, who asked not to be identified, confirmed tothat Mr Dandiwal had approached him about listing his land in early 2017. The vendor said Mr Dandiwal had been the agent on the sale and had received a commission of more than $250,000. The seller said he was not aware of the allegations Mr Dandiwal had been part of a syndicate allegedly involved in the purchase of his property.

Mr Dandiwal’s former agents stated in their claim that they invested large sums of money in at least five other properties identified by Mr Dandiwal in 2017 and 2018, but that they had not received their share of the profits. WhatsApp groups were created to arrange each deal, they said. In their claim, the former agents allege Mr Dandiwal had approached them a month earlier, in September 2018, about investing in a half share of the Brookfield property. The agents alleged a WhatsApp group was created to discuss investment amounts, with Mr Dandiwal instructing them where to deposit their money.

Source: Loan Digest (loandigest.net)

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