Mumbai: The Dharavi police have registered a cheating case against the chairman and directors of Bio Estate Solution Pvt. Ltd. for allegedly defrauding investors of Rs49.46 lakh by luring them into a cryptocurrency investment scheme.
The Accused and the Alleged Cryptocurrency
According to the police, the accused have been identified as Shivaji Walke, chairman of Bio Estate Solution Pvt. Ltd., and directors Ghanshyam Sharma and Shakeel Khan. They are accused of inducing investors to put money into a cryptocurrency called “BioCoin” and a scheme promising high returns.
As per the FIR, the complainant, Aamir Idris Khan, 51, a garment businessman residing on 90 Feet Road, Dharavi, was introduced to the company in 2019 by his close friend Nasir Shaikh. Shaikh informed Khan that he had invested in the company’s “Monthly Rental Income System” scheme and was receiving returns, prompting Khan to consider investing as well.
Khan later visited the company’s Dharavi branch on Sant Rohidas Marg along with Shaikh, where chairman Shivaji Walke allegedly persuaded him to invest in the company’s cryptocurrency. In January 2019, Khan invested Rs6,46,800 in BioCoin on behalf of himself and his relatives, paying the amount in cash.
The Promise of Doubling Money in 48 Months
The company reportedly displayed the investment details on its website and repeatedly assured investors of attractive returns. During the same period, Walke allegedly convinced Khan to invest in the Monthly Rental Income System, promising that the invested amount would double within 48 months.
Trusting the assurances, Khan invested Rs10 lakh from his and his wife Sahani’s bank accounts. His brother-in-law Amjad invested Rs18 lakh, while his friend Pushpendra Badala invested Rs15 lakh, bringing the total investment to Rs43 lakh. The investors executed an agreement bond cum promissory note with the company.
From July 2019, Khan and his wife received payments totaling Rs3.6 lakh over the next nine months. However, the payments stopped from May 2020. The company later shut its Dharavi office during the COVID-19 pandemic, and repeated attempts by Khan to contact the company officials reportedly went unanswered.
A Failed Settlement and Financial Ruin
In February 2023, Khan visited the company’s head office in Kalyan and met directors Ghanshyam Sharma and Shakeel Khan. They allegedly promised a settlement of Rs39 lakh and issued cheques from TJSB Cooperative Bank. However, cheques amounting to around Rs23 lakh bounced when deposited.
Police said several residents from the Dharavi area had invested in various schemes run by the company but did not receive the promised returns or maturity amounts. Khan later learned that the company was financially insolvent.
After confirming that he had been cheated, Khan lodged a complaint at the Dharavi police station alleging that he, his relatives, and his friend were collectively defrauded of Rs49,46,800.
Based on the complaint, police have registered a case under relevant sections of the Bharatiya Nyaya Sanhita (BNS) Act, and launched further investigation.
To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/
