Dharavi Cheating Case: 2 Sisters Booked For Duping 11 Investors Of ₹47 Lakh In Fake Garment Business Investment Scam

Mumbai, Dec 15: The Dharavi police have registered a case against Swati Shriprakash Waghmare, 50, a resident of Sewri, and her sister, Smita Vinod Bhagwati, 55, a resident of Dadar, for allegedly cheating 11 people of Rs 47 lakh by luring them into investing in a purported garment business and a property project.

According to the police, the accused allegedly promised investors a monthly return of Rs 15,000 on an investment of Rs 1 lakh, claiming the money would be invested in their garment business and in the proposed construction of a building named “Shivalaya” at Shivaji Park, Dadar.

Domestic Help Introduces Complainant To Investment Scheme

As per the FIR, the complainant, Abdul Salim Sayyed, 53, a taxi driver residing at Sant Gora Kumbhar Marg, Dharavi, was introduced to the scheme through his relative Yasmin Dastagir Shaikh, 60, who had been working as a domestic help at Waghmare’s residence for the past 20 years. Shaikh informed Sayyed that Waghmare ran a large garment business in Ghatkopar and regularly accepted investments.

Cash Investments Made By Multiple Victims

In January 2021, Waghmare allegedly conveyed that investors would receive Rs 15,000 per month for every Rs 1 lakh invested. Shaikh reportedly mortgaged her jewellery and invested Rs 7.5 lakh in December 2020.

Subsequently, Sayyed decided to invest Rs 2 lakh. A few days later, Waghmare and Bhagwati visited Dharavi, where Sayyed handed over Rs 2 lakh in cash. He later invested an additional Rs 2 lakh. Meanwhile, 10 other investors collectively invested Rs 43 lakh.

Cheques Bounce, Repayment Promises Remain Unfulfilled

However, instead of returns, the accused allegedly issued multiple cheques, which were not honoured. On June 20, 2024, when investors met Bhagwati at Shivaji Park, she allegedly assured them of repaying Rs 1.56 crore, including profits.

An MOU and a promissory note were executed on a Rs 500 stamp paper in the name of the alleged Shivalaya property, and an HDFC Bank cheque of Rs 1.56 crore was issued.

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Despite repeated follow-ups until December 7, neither the invested amount nor the promised returns were paid. Suspecting fraud, the investors approached the Dharavi police station.

The police have registered a case under Sections 318(4) and 3(5) of the Bharatiya Nyaya Sanhita (BNS) Act, and further investigation is underway.

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