The Kashimira police have arrested a 32-year-old conman for allegedly floating a bogus investment scheme and duping investors to the tune of more than Rs.1.55 crore. The accused who has been identified as-Jayeshkumar Parasmal Mehta (32)- a resident of Man Opus society in Kashimira would lure people into investing money in buying used vehicles which he said would be later sold on higher prices and the profits would be shared with them. He also promised to share a part of the proceeds which he would earn by renting out the vehicles.
The arrest followed in response to a complaint registered by Shams Tabrez Mansuri who had invested more than Rs. 71 lakh. To gain the trust of the complainant and lure other investors, the accused repaid Rs. 25.75 lakh during the initial stages.
However, he started doling out lame excuses when asked for the remaining Rs. 45.68 lakh. When enquired, Mansuri learnt about two other investors who were collectively duped of Rs.66.88 lakh by the accused using a similar modus operandi. The investors approached the Kashimira police station following which an offence under sections 420 (cheating and dishonestly inducing delivery of property) and 406 (criminal breach of trust) against Mehta on 15, June, 2024.

The police team under the guidance of senior police inspector- Rajendra Kamble arrested Mehta. During investigations it came to light that Mehta had also duped some other investors of more than Rs.40 lakh, taking the total amount of fraud to more than Rs.1.55 crore.
The police also recovered ten high end cars including- Mercedes, BMW, Ciaz, I-20, Altoz, Marazzo, Ertiga, S-Cross and XL-6 which were used to swap between the investors and in some cases mortgaged in exchange of private loans. Further investigations were on.