Mumbai Fraud Case: Bhandup Police Book DD Financial Services Directors For Cheating 10 Investors Of ₹43.21 Lakh

Mumbai: The Bhandup police have registered a case against D. D. Financial Services and its directors, Upendranath Jaiswar and his father Rajendraprasad Rammoorat Jaiswar, for allegedly duping 10 investors of Rs 43.21 lakh through fraudulent investment schemes. The case was filed based on a complaint by 37-year-old Shivanand Rampreet Sharma.

Complainant Reconnects With Accused Neighbour After Several Years

According to the FIR, Sharma currently resides with his family at Shanti Park, Mira Road (East). In 2019, he lived at Janata Market in Bhandup (West), where the Jaiswar family Rajendraprasad, his wife Dhanwanti, and their sons Upendranath and Sandeep were his neighbours. Sharma came in contact with Upendranath Jaiswar again in February 2023.

Accused Lured Investors With Promises of High Monthly Returns

Upendranath allegedly told Sharma that he and his father were engaged in share market trading and had started a company named D.D. Financial Services. He claimed the company offered lucrative returns to clients investing in the stock market through them.

Investors Promised 5% Monthly Returns and Referral Incentives

The complainant was assured a monthly return of 5% on investments. He was also promised an additional 2% incentive if he brought in new investors. Encouraged by these claims, Sharma decided to invest and also convinced his friend, Ketan Rathod, to join. As an apparent bonus for Rathod’s investment, Sharma received Rs 10,000 from Upendranath, which strengthened his trust.

Payouts Stopped in November 2023; Accused Go Missing

Sharma, along with friends Ketan Rathod and Raju Nitti, invested a total of Rs 13.50 lakh. However, payouts from the company stopped in November 2023. When Rathod and Nitti demanded their returns, Sharma allegedly paid them from his own savings.

Accused Allegedly Abscond After Cheating 10 Investors of ₹43 Lakh

When Sharma later visited Upendranath’s residence to inquire about the missing funds, he found the house locked. The Jaiswars had allegedly absconded after cheating multiple investors. In total, 10 investors had put in Rs 67.75 lakh, of which only Rs 24.54 lakh was returned. The remaining Rs 43.21 lakh remains unpaid.

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Case Registered Under BNS and MPID Acts; Probe Ongoing

Based on the complaints, police have registered a case under relevant sections of the Bharatiya Nyaya Sanhita (BNS) Act, and the Maharashtra Protection of Interests of Depositors (in Financial Establishments) Act. Investigations are ongoing.

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