Dharavi Police File FIR Against Company Directors For Misleading Investors With High-Return Crypto Schemes

Mumbai: The Dharavi police have booked the heads of a company for allegedly defrauding a garment trader and his relatives of Rs49.46 lakh by luring them into a cryptocurrency investment scheme. Police said several Dharavi residents had invested in various schemes run by Bio Estate Solution Pvt Ltd, but did not receive the promised returns.

Shivaji Walke, company chairman, and directors Ghanshyam Sharma and Shakeel Khan have been named in the FIR lodged on the complaint of Aamir Idris Khan, 51. He said that he was introduced to the company in 2019 by his close friend Nasir Shaikh. Shaikh said that he had invested in the company’s 'Monthly Rental Income System' and was receiving returns, Khan claimed.

As per the FIR, the duo then visited the company’s Dharavi branch on Sant Rohidas Marg, where Walke allegedly persuaded him to invest in the company’s cryptocurrency. In January 2019, Khan alleged that he invested Rs6,46,800, including the money pledged by the relatives, in 'BioCoin'.

The company reportedly displayed the investment details on its website and repeatedly assured investors of attractive returns. During the same period, Walke allegedly convinced Khan to invest in 'Monthly Rental Income System', promising double returns within 48 months.

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Buoyed by prior experience, Khan, his brother-in-law and a friend invested Rs10 lakh, Rs18 lakh and Rs15 lakh, respectively. The investors claimed that they had executed an agreement bond-cum-promissory note with the company.

Between July 2019 and the subsequent nine months, Khan and his wife received Rs3.6 lakh, however, the payments stopped from May 2020. The company later shut its Dharavi office during the Covid and repeated attempts to contact the accused reportedly went unanswered. In February 2023, Khan said he visited the company’s head office in Kalyan and met the director duo. They allegedly promised a settlement of Rs39 lakh, but cheques issued for around Rs23 lakh bounced and it was later learned that the company was financially insolvent, said Khan.

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