Mumbai News: EOW Books Two For ₹28 Crore Investment Fraud, Duped Businessman With Illegal Flats

The Mumbai Police's Economic Offences Wing (EOW) has registered a case against two individuals, Haresh Chandan and Alekh Chandan, for allegedly cheating a Navi Mumbai businessman of ₹28 crore under the pretext of offering high returns on investments in their construction business.

Lured with Promise of High Returns

According to the FIR filed by complainant Saurabh Dashrath Shingade (35), a resident of Vashi, the accused enticed him with the promise of a 2% monthly return on investments in their construction projects.

Fraudulent Property Offered as Security

As security, the duo allegedly offered three duplex flats and one additional flat in Ananta Apartment, Nerul (Navi Mumbai), presenting them as legal properties. However, it was later revealed that these flats were illegal constructions, which the accused had concealed.

Settlement Agreement Ignored

The complainant further stated that despite signing a settlement agreement on March 27, 2025, assuring repayment of the ₹28 crore, the accused have failed to return any amount.

Fraud Spanning Nearly a Decade

The alleged fraud began around 2015–2016 and continued until recently, causing severe financial losses to the complainant and his family.

Case Registered, Probe Underway

The case has been registered at Chembur Police Station under relevant sections of the Bharatiya Nyaya Sanhita (BNS), including criminal breach of trust, cheating, and fraud. The EOW has confirmed that the investigation is underway.