A 41-year-old woman from Kandivali has allegedly been cheated of ₹43.5 lakh after being lured into investing in a fraudulent used car resale business, under the pretext of high returns. The Borivali Police have registered a case against the accused, Sunny Rajesh Panchal, for financial fraud and criminal breach of trust.
According to the FIR filed, the complainant, Sheetal Jatin Panchal, a resident of Charkop, Kandivali, Mumbai, was approached by Sunny Panchal in November 2023, with a business proposal involving the resale of pre-owned cars, based in Borivali.
He allegedly promised high returns and convinced her to invest ₹43.5 lakh over a period of time. However, after taking the money, Sunny reportedly failed to return any amount.
Despite repeated assurances, he issued cheques totaling ₹57.45 lakh — all of which later bounced due to insufficient funds in his account. To further mislead her, he also allegedly created a fake Memorandum of Understanding (MoU) stating he would repay the amount, but no repayment was made.
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When Sheetal asked for her money back, she was allegedly abused and threatened by the accused. Eventually, she approached the Borivali Police Station and lodged a formal complaint.
Based on her complaint, the police have registered an FIR under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act along with relevant sections of the Bharatiya Nyaya Sanhita (BNS). The investigation is currently underway.
