Mumbai Crime: Air India Captain Duped Of ₹2.94 Crore In Share Investment Scam
A 58-year-old Air India captain from Powai was cheated of ₹2.94 crore in a share investment scam spanning 2014–2025. The accused allegedly lured him with promises of high returns, gave fake capital gains reports and changed his registered email ID to siphon funds. An FIR has been registered under the BNS.
Mumbai Crime: Air India Captain Duped Of ₹2.94 Crore In Share Investment Scam | Representative image
Mumbai: A 58-year-old Air India captain was cheated of Rs 2.94 crore in a share investment scam. The complainant, Deepak D, a resident of Powai, was introduced to the accused, Ajay Palith, in 2014. Palith allegedly lured Deepak with promises of high returns on investment, provided him with fake capital gains reports, and changed his registered email ID to siphon the amount. The FIR in the matter was registered on January 16.
About The Case
As per the FIR, Palith claimed he worked with a purportedly famous firm, ABML. Deepak stated he had no knowledge of the share market but Palith allegedly assured him that he would guide him through the process. In July 2014, Deepak completed the investment process through Palith and signed a power of attorney, allowing Palith to invest on his behalf.
Between 2014 and 2025, he invested Rs 2.91 crore. Palith allegedly provided investment updates over the phone and sent capital gains reports via email. Based on the profits shown in these reports, Deepak paid income tax amounting to Rs 3.44 lakh through his chartered accountant (CA). However, in 2023, Deepak’s CA noticed a major discrepancy between the capital gains reports and the annual information statement.
Whenever Deepak questioned Palith about the discrepancy, he allegedly sent revised capital gains reports. The CA later informed Deepak that something appeared suspicious in his trading and demat accounts. When Deepak asked Palith to close the accounts, the latter claimed the investments had incurred losses.
Further investigation revealed that Deepak’s registered email ID linked to the accounts had been changed in 2022 without his consent. It was also found that the capital gains reports provided by Palith were fake. Realising that he had been duped, Deepak approached the Powai police and filed a complaint under the BNS.
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