Mumbai: In yet another investment scam following the Torres fraud case, a new case has emerged in Prabhadevi, where investors were allegedly deceived with promises of doubling their money. Sunil Gupta, who set up an office in the area in April 2024, lured people into investing with assurances of doubling their money in 45 days.
The scam came to light after a retired BEST employee filed a complaint, prompting a police investigation. The Dadar Police arrested Gupta, charging him under sections 316(2) and 318(4) of the Bharatiya Nyaya Sanhita, along with provisions of the Maharashtra Protection of Interest of Depositors (MPID) Act. A local court has remanded him to police custody until February 24.
Police suspect that several more investors may have fallen victim to this scheme. Investigations revealed that Gupta operated under the name 'Pocket Friendly Investment & Finance Consultancy', initially offering a 30-day money-doubling scheme before extending it to 45 days.
The complainant in the case is a Mahim resident and a retired BEST employee. He recently approached the Dadar Police with a complaint regarding the fraud.
According to the complaint, an acquaintance informed him about Sunil Gupta's scheme, which promised to double the invested amount. In October 2024, the complainant visited Gupta's office, where he observed a large crowd investing money. Gupta provided white receipts upon receiving funds, mentioning the investor’s name, mobile number, and the date of investment.
The complainant personally invested ₹1.5 lakh, while eight of his acquaintances collectively invested ₹8.8 lakh. However, after one month, neither the promised doubled amount nor the initial investment was returned. Over the past few days, Gupta shut down his office, raising suspicions of fraud.
Following the complaint, police arrested Sunil Gupta and suspect that he has cheated several investors. Many people invested sums ranging from ₹50,000 to ₹1 lakh, while some individual investors put in up to ₹10 lakh. Authorities are now examining Gupta’s laptop and financial records to determine the full extent of the fraud.
