Mumbai: 72-Year-Old Man & Relatives Duped Of ₹90 Lakh In Investment Scam

Mata Ramabai Ambedkar (MRA) Marg police have received a complaint that a 72-year-old man from Curry Road and his relatives have been duped of Rs 90 lakh.  In this matter, the police have registered a case against two partners of the company.

According to the information given by MRA Marg police, on the complaint of Bipin Shantilal Bavisi, the police has registered a case against Mahendra Shah and Shailesh Shah. According to the complaint, this fraud was committed between April 1, 2015 and February 5, 2024. The accused conspired and got people to invest in their company by luring them with good profits.

Details of scam

Accordingly, Bipin along with his wife, brother, relatives and other relatives invested a total of Rs 90 lakh. But when they did not find anything, they suspected that they had been cheated. They all started asking for their money. But they did not get the money back. When he did not get the money, he went to the police and lodged a complaint.

A police officer said that Mahendra Shah and Shailesh Shah told Bavisi that he would get good profits by investing in their company, due to which Bavisi invested through their company.

On the complaint of Bipin Shantilal Bavisi, police have registered an FIR against Mahendra Shah and Shailesh Shah under sections 34(states the acts done by several persons in furtherance of common intention),406(criminal breach of trust) and 420(cheating) of IPC and are investigating.