Mumbai News: ₹10 Crore Investment Fraud Unearthed In Dadar After Torres Scam; EOW Raids Office, Residence Of Absconding Accused

Mumbai, March 5: In the wake of the Torres investment scam, another major investment fraud worth over ₹10 crore has surfaced in Dadar under the jurisdiction of Shivaji Park Police Station. The scam allegedly duped more than 150 investors by promising unusually high returns on investments.

EOW conducts raids, accused absconding

On Thursday, the Mumbai Police Economic Offences Wing conducted raids at the office and residence of the main accused, Sachin Phadtare. The searches were carried out at his office near Chhabildas School and at his residence in Radhakrishna Society in Dadar. However, the accused was found absconding.

EOW teams also conducted a raid in Nashik as part of the investigation, but Phadtare’s mobile phone has remained switched off.

Police said the FIR in the case was registered at Shivaji Park Police Station on Wednesday, following which the EOW initiated searches and seized a list of investors from the accused’s office.

Complaint by investor

According to the complaint filed by Aarti Kaustubh Thackeray (39), a resident of Pratiksha Nagar in Sion and an employee of Godrej Properties, the fraud began in December 2022 when her husband’s friend Rahul Joshi introduced them to an investment scheme run by Neogreen Ventures Pvt Ltd.

Joshi, who was working as a sales manager with the company, informed them about a scheme promising ₹12.5 lakh returns on an investment of ₹5 lakh over five years, claiming investors would receive 50% annual returns.

Subsequently, Aarti Thackeray and her husband visited the company’s office at Kohinoor Square, Dadar West, where they met the accused Sachin Phadtare and Nikhil Shelar. The accused allegedly claimed their company produced moringa powder for export, and that profits from the business would be used to pay returns to investors.

Family invests ₹8 lakh

Trusting their assurances, Aarti invested ₹5 lakh, her husband invested ₹1 lakh, and her mother Dipali Sapale invested ₹2 lakh, bringing the total investment from the family to ₹8 lakh. The accused allegedly insisted that the money be paid in cash.

Under the agreement signed on December 14, 2022, Aarti was promised ₹20,833 per month for five years, while her mother was assured ₹8,333 per month under the investment scheme.

Payments stop after initial returns

According to the complaint, the company paid Aarti a total of ₹1.45 lakh between January and July 2023. After that, the accused allegedly began delaying payments, citing financial losses. While Aarti managed to recover her husband’s investment amount after repeated follow-ups, the payments due to her and her mother were not returned.

Later, the company issued two cheques in 2025, but both were returned by the bank due to the closure of the account. Following this, the accused stopped responding to calls.

In November 2025, Aarti posted an online review on Google alleging that the company was fraudulent. Several other investors also posted similar complaints, claiming that the company had taken investment money but failed to repay it.

Multiple companies used in alleged fraud

On December 27, 2025, the company sent her a WhatsApp message promising to return the principal amount between January and March 2026. On January 3, 2026, she received ₹14,000 in her account.

However, when her mother contacted the company about pending payments, they allegedly told her that the money would only be returned if the negative review was deleted.

During her inquiry, Aarti discovered that the accused and their associates were operating through multiple companies including Neogreen Ventures Pvt Ltd, Neogen Nidhi Ltd and Neogreen Homes Pvt Ltd, and had allegedly cheated over 150 investors by promising 50% annual returns, collecting money and failing to repay either interest or principal.

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The complainant alleged that the accused have cheated investors of more than ₹10 crore. Based on the complaint, a case has been registered against Sachin Phadtare, Nikhil Shelar and their associates, and the Economic Offences Wing has begun further investigation into the scam.

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