Mumbai: The Malad police have registered an FIR against five men for allegedly embezzling Rs 34 lakh in a cryptocurrency and forex trading scam. The accused lured multiple investors with promises of high returns, and the total fraud amount is expected to rise. The case was filed on March 14, and an investigation is underway.
The accused – Ravi Mahasheth, 45, Dilip Malap, 30, Mohammad Rafiq, 30, Rajeev Singh, 35, and Abhishek Sahu, 25 – are residents of Borivali West and Thane.
According to the FIR, complainant Rishikesh Junnarkar, 50, an assistant manager at a private company, met Malap while working at a Malad branch in 2021. They became friends, and Malap persuaded him to invest in forex trading and cryptocurrencies, promising an 18% return. Initially hesitant, Junnarkar eventually agreed after persistent persuasion.
Since forex trading is not authorised in India, Junnarkar was told to invest in cash. Between December 2021 and March 2025, he transferred Rs34 lakh to various bank accounts provided by the accused. They created a login ID for him on a private website, showing fake returns, but he was unable to withdraw any money for 20 months. When he demanded his funds, they made excuses.
Needing money for his father’s treatment, Junnarkar repeatedly asked for a refund, but the accused ignored him. In December 2020, when his investment period ended, they refused to return his money.
Investigations revealed that Mahasheth and his associates ran a bogus company, luring investors with false promises. None received their principal amount back, and the company even introduced a worthless virtual currency to defraud investors further.
Junnarkar eventually filed a complaint, and the case was filed under sections 3(5) (general explanation), 316(2) (criminal breach of trust), and 318(4) (cheating and dishonesty) of the Bharatiya Nyaya Sanhita.
