Mumbai Fraud: Mankhurd Family Accused Of Cheating 60 Investors Of ₹3.99 Crore With Fake High-Return Share Market Scam; FIR Registered

Mumbai: A shocking case of financial fraud has surfaced in Mankhurd, where 60 people were allegedly cheated of a total of Rs 3.99 crore under the pretext of high-return investments in foreign share markets.

The Trombay police have registered an FIR against Vilas Vinayak Kadam, 50, Vishakha Vilas Kadam, Mansi Vilas Kadam and Vipul Vilas Kadam, all residents of Om Cooperative Society, Maharashtra Nagar, Mankhurd. Further investigation is underway.

Neighbour Offered 5%–13% Monthly Returns, Says Complainant

According to the FIR, the complainant, Amol Baburao Shinde, 36, resides at MHADA Colony in Maharashtra Nagar. The accused, Vilas Kadam, lived in his neighbourhood. Shinde learned that Kadam was offering 5% to 13% monthly returns on investments in the share market. On May 30, 2022, Shinde met Vilas Kadam along with Vishakha, Mansi and Vipul Kadam.

Victim Invested ₹33.5 Lakh Based on Written Agreements and Cheques

Trusting their assurances, Shinde invested Rs 1.5 lakh the same day. Kadam provided a written agreement on a Rs 100 stamp paper, promising a 10% return over three months and issued a cheque as cash security.

When returns began coming in, Shinde invested further. On August 26, 2022, he handed over Rs 10 lakh in cash to Vilas Kadam, who again issued a written commitment of 12% returns and provided a cheque. Shinde later invested another Rs 5 lakh. On March 9, 2023, he gave Kadam Rs 17 lakh in cash. In total, Shinde invested Rs 33.50 lakh.

Returns Stopped in 2023; Accused Family Absconded

However, from March 2023 onwards, the promised returns stopped. Repeated attempts to recover his investment through calls, messages and personal visits failed, as the accused allegedly kept postponing repayments. Eventually, the Kadam family abandoned their residence and absconded.

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60 Victims Report Losses Totalling ₹3.99 Crore

Several other investors came forward with similar complaints. A total of 60 victims reported losing Rs 3,99,70,000 along with the promised returns.

Police have registered a case under relevant sections of the Indian Penal Code related to cheating and criminal breach of trust. The investigation is ongoing, police said.

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