Mumbai: In a major development in the Rs.124 crore stock market fraud case, the Economic Offences Wing (EOW) of Mumbai Police has arrested Malti Ravi Udaiyar (46) from Tamil Nadu after an extensive six to seven-month search. She was produced before the Esplanade Court, which granted police custody till August 13.
The case stems from a complaint lodged by Transport Businessman Jaypal Gajaraj Kounder (43), who, along with his wife and several other investors, was allegedly duped by Ashish Shah, the main accused in the case. Shah had introduced himself as the proprietor of Samrays Traders LLP and promised astronomical returns of 84% per annum on stock market investments.
Trusting these false promises, the complainant personally invested Rs.1.7 crore, while Shah collected another Rs.9.63 crore from other investors known to him — totaling Rs.11.34 crore. However, the accused allegedly failed to return any amount or pay promised returns, and even threatened the complainant with death when he demanded a refund. The FIR was initially registered at Versova Police Station.
Subsequent investigation by the Mumbai Crime Branch’s Property Cell revealed that 156 investors were cheated of a cumulative Rs.124.02 crore. Properties — both movable and immovable — worth Rs.28.24 crore linked to the accused have been frozen so far.
The EOW has already filed a chargesheet against seven accused persons and further probe is underway under Section 173(8) of the CrPC. Based on technical intelligence and material evidence, the EOW secured permission from competent authorities and arrested Malti Ravi Udaiyar. The arrest was executed in compliance with the provisions of the Bharatiya Nagarik Suraksha Sanhita, 2023. Investigation is ongoing to trace additional assets and identify any other co-conspirators.
