Mumbai Fraud Case: Singhania Brothers Booked For Cheating Worli Business Couple Of ₹1.80 Crore In Block Trading Scam

Mumbai, Jan 17: The Tardeo police have registered a case against Shashank Singhania, 25, and Siddhant Singhania, 32, partners of the Shri Sensa firm, for allegedly cheating a Worli-based business couple of Rs 1.80 crore by luring them with assured returns on investments in block trading. This is the third cheating case registered against the Singhania brothers in the past one year.

Complainant and background

According to the FIR, the complainant, Ashish Vijay Rajgariya, 46, Executive Director at Essar Group of Companies, resides at Worli with his family. His wife, Rachana Rajgariya, runs a finance company named Trilokeshwar Capital and Services Ltd, based at Nariman Point.

Introduction to the accused

The case states that Manish Satyanarayan Kedia, 56, Senior Vice President (Corporate Affairs) at Rajgariya’s company, introduced the Rajgariyas to Sunil Omprakash Singhania, his wife Vandana, and their sons Shashank and Siddhant on January 19, 2024.

Kedia allegedly claimed that the Singhania brothers were successfully engaged in block trading in the Indian stock market through their partnership firm, Sensa, established in 2020 and operating from Fort, Mumbai.

Assurances of high returns

From November 2023, Kedia and later Essar Group Vice President Abhishek Shivnaresh Saraf, 45, had invested money with the Singhania brothers for block trading and were allegedly receiving monthly returns of 1 per cent, amounting to 12 per cent annually. Based on these assurances and an additional promise of 5 per cent extra returns due to personal relations, Rajgariya decided to invest.

Money transferred to firm account

The Singhania brothers allegedly assured the investors that a Memorandum of Understanding (MoU) would be executed, post-dated cheques for both principal and returns would be provided, and the invested amount could be withdrawn at any time.

Trusting these assurances, Rajgariya transferred Rs 1 crore via RTGS on January 24, 2024, from his wife’s company account to the Sensa firm’s IDFC First Bank account at Prabhadevi. Another Rs 1 crore was transferred on February 16, 2024.

Payments stop abruptly

Initial returns were credited after deducting TDS, but after two months, payments stopped. On April 9, 2024, Kedia informed Rajgariya that the Singhania brothers had stopped responding and their mobile phones were switched off. Subsequently, Sunil Singhania allegedly transferred Rs 20 lakh and promised to recover the remaining amount from his sons, but soon became unreachable as well.

Offices found locked

When Rajgariya, along with Kedia and Saraf, visited the Singhania residence and office at Churchgate and Fort on April 30, 2024, both were found locked. Further inquiries with Sunil Singhania’s father revealed that he had no information about his son or grandchildren. Rajgariya then realised that he had been cheated.

Earlier cases against the family

The FIR further alleges that the Singhania family had cheated Kedia of Rs 7.60 crore under similar pretexts and falsely claimed to have transferred Rs 95 lakh to his account. Based on Kedia’s complaint, the Worli police registered a case on January 30, 2025, under various sections of the Indian Penal Code (IPC), including criminal conspiracy, cheating, breach of trust and forgery.

Bail pleas rejected

Anticipatory bail applications filed by Shashank, Siddhant, Sunil and Vandana Singhania were rejected by the Bombay High Court, and subsequently by the Supreme Court.

More complaints emerge

In another case, Ghatkopar-based businessman Paras Vinodchandra Kothari accused the Singhania brothers of cheating him of Rs 6.84 crore by promising high returns through stock market investments. The Cuffe Parade police registered a case on June 25, 2025, under relevant sections of the Bharatiya Nyaya Sanhita (BNS) Act.

Additionally, Abhishek Saraf, who had allegedly invested Rs 2.25 crore since December 2023, has also lodged a complaint against the Singhania brothers at the Tardeo police station.

Also Watch:

Latest case registered

Based on Rajgariya’s complaint, the Tardeo police registered the latest case on January 16, 2026, under Sections 406, 420 and 34 of the IPC and are conducting further investigation.

To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/