Mumbai Fraud News: Juhu Businessman Loses ₹1.6 Crore In Capsule Manufacturing Scam

A 74-year-old businessman from Juhu has been cheated of Rs1.6 crore that he invested in a pharmaceutical capsule manufacturing venture. The Juhu police have booked Nagpur-based businessman Dhanesh Gundecha for cheating and extortion.

Partnership Agreement Signed

According to the FIR, complainant Ramesh Rughani, who operates Khyati Global Ventures Limited, met Gundecha four years ago through business circles. Over time, the two developed close ties, and in December 2022, they signed a memorandum of understanding (MoU) with Anup Kothari and Atul Jain to form a capsule-making company. As per the MoU, each of the four partners was to hold a 25% stake and contribute to a total investment of Rs2 crore.

Funds Paid, But Promises Unfulfilled

Rughani said he paid Rs1.6 crore in stages to Gundecha for the purchase of a capsule production machine and related expenses. The funds were transferred to the company’s bank account in accordance with the agreement. However, Gundecha allegedly failed to buy the machine and repeatedly delayed the process, assuring the partners that production would soon begin.

Alleged Misuse of Funds

When no progress was made despite several follow-ups, Rughani decided to withdraw from the partnership and sought a refund. Instead, Gundecha allegedly diverted the funds for personal use and refused to return the money.

Police Case Registered

Following this, Rughani filed a complaint at the Juhu police station. After verification, the police registered a case on September 3 against Gundecha for cheating and extortion.