Mumbai, Jan 06: The Worli police have registered a case against Amin Rangara and Nizar Rangara for allegedly cheating a 61-year-old retired schoolteacher of ₹77 lakh over a period of nearly 10 years by luring her with promises of high returns on investments.
Introduction through NSCI Club acquaintance
According to the FIR, the complainant, Monisha Ashok Ahuja, a retired teacher residing on Hill Road, Worli, lives with her family. Her husband is a film distributor. In 2013, she was introduced to Vijay Mohanani, a resident of Peddar Road, at the NSCI Club in Worli.
Mohanani allegedly advised Ahuja to invest her money with Amin and Nizar Rangara, directors of Rangara Industries Private Limited and fellow NSCI Club members, claiming they offered lucrative returns.
Meetings and assurances of high returns
Through Mohanani’s mediation, Ahuja met the Rangara brothers at the NSCI Club, followed by another meeting at her residence on December 2, 2014.
The accused allegedly claimed they were involved in the crane business and assured her of quick and high returns on investment. Trusting them, especially after being told that Mohanani and his father had also invested with the Rangaras, Ahuja agreed.
Cash payments and cheques handed over
On December 5, 2014, the Rangara brothers visited Ahuja’s residence and allegedly provided security cheques, confirmation letters and hundis.
Ahuja handed over ₹25 lakh in cash and a cheque of ₹10 lakh drawn on her HDFC Bank, Worli branch. She later gave another ₹25 lakh in cash on December 15, 2014.
Funds transferred to third party
Subsequently, the accused allegedly introduced their friend Kirit Radia, claiming he was in the crane business and had secured a major order but needed funds for two months. Promised high returns, Ahuja transferred ₹15 lakh to Radia via RTGS from her HDFC Bank account.
The Rangara brothers allegedly signed three hundis as a guarantee. On March 3, 2015, Ahuja further transferred ₹10 lakh via RTGS to Rangara Industries Private Limited, for which she received a confirmation letter and a cheque.
Delays and growing suspicion
When Ahuja sought returns in April 2015, she was allegedly asked to wait. In June 2015, Radia reportedly told her he was working as a manager/accountant at Rangara Industries.
Around the same time, ₹15 lakh was credited to Ahuja’s account, which the accused allegedly asked her to transfer to Nizar Rangara’s personal bank account, which she did.
Settlement agreement fails
As suspicion grew, Ahuja tried contacting the Rangara brothers, but they allegedly avoided her calls and meetings. Mohanani, when approached, cited reasons such as demonetisation in 2016 and continued to delay the matter.
In August 2019, Mohanani allegedly appointed Mehul Janak Shah as a mediator, and a deed of settlement was executed. Although the total principal amount was ₹90 lakh, a settlement of ₹77 lakh was agreed upon. However, the amount was never repaid, police said.
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Police register cheating case
Realising she had been cheated, Ahuja lodged a complaint at the Worli police station. Police have registered a case under Sections 406 (criminal breach of trust), 420 (cheating) and 34 (common intention) of the Indian Penal Code (IPC) Act, and are conducting further investigations.
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