Mumbai: Two directors of an investment firm have been booked for allegedly duping TV actor Amar Upadhyay of Rs1.25 crore on the pretext of good returns on stock trading. The duo was identified as Kunal Shah and Hinal Mehta, directors of Dialites Investment Pvt Ltd. The actor underlined that the current market value of his investment stands at Rs2.5 crore.
In his complaint lodged with the Versova police on May 9, Upadhyay, 50, said that his neighbour introduced him to Shah in 2022. Subsequently, both the accused visited the actor's residence, briefing him on the stock market and promising a 5-7% return on investment, backed by an agreement. Accepting the proposal, Upadhyay invested Rs20 lakh between April 2022 and January 2023.
Subsequently, the accused told him that if he did not take interest, instead reinvested the amount, he would receive Rs5.22 crore in 2026. If the market conditions are favourable, the profit could also shoot up to Rs15.83 crore, said the actor, while quoting the duo. Believing the assurances, he again invested Rs50 lakh and made more investments, totalling up to Rs1.25 crore, between May 4 and July 2023.
As per Upadhyay, Shah and Mehta invested his money in shares of another company. Whenever he inquired about his returns, the duo asked him to rest assured about the profits. However, they later defaulted on giving the money and even furnished a fake demat account statement, said the actor. He alleged that he later discovered that Shah and Mehta had obtained a loan against his shares without his consent.
Based on Upadhyay's complaint, the duo has been booked for cheating and forgery.
