Mumbai, March 5: The Mumbai police have registered a case against Sachin Fadtare, Nikhil Shelar and their associates for allegedly cheating an investor, daughter and mother of Rs 15.30 lakh under the pretext of a lucrative investment scheme. Authorities suspect that more than 150 investors may have been duped of over Rs 10 crore in the alleged fraud.
Investment scheme pitched to family
According to the FIR, the complainant, Aarti Kaustubh Thackeray, 39, a resident of Pratiksha Nagar in Sion, lives with her family and works at Godrej Properties in Kandivali East.
In December 2022, her husband’s friend Rahul Joshi, who was then working as a Sales Manager at Neogreen Ventures Pvt. Ltd., informed the family about an investment scheme offered by the company.
As per the scheme, investors were promised Rs 12.50 lakh after investing Rs 5 lakh for a period of five years. Following this, Aarti and her husband Kaustubh visited the company’s office at Kohinoor Square on N. C. Kelkar Road in Dadar (West), where they met Sachin Fadtare and Nikhil Shelar.
Claims about moringa export business
The duo allegedly told them that the company produced moringa powder and exported it abroad. They claimed that returns paid to investors came from the profits earned through these exports.
Trusting their claims, the Thackeray couple agreed to invest in the company’s scheme, which promised a 50 per cent annual return. The couple invested Rs 6 lakh, while Aarti’s mother, Dipali Saple, invested Rs 2 lakh. On the instructions of Fadtare, the entire amount was allegedly paid in cash to the company.
According to the investment plan, Aarti was promised a monthly return of Rs 20,833 for five years. A formal investment agreement between Aarti and M/S Neogreen Agriculture LLP, represented by Sachin Fadtare, was executed on December 14, 2022.
Payments stopped after initial returns
Between January and July 2023, Aarti reportedly received Rs 1,45,831 as returns on her investment. She and her mother reportedly invested an additional sum. However, payments from Fadtare and the company allegedly began to slow down thereafter. Despite repeated follow-ups, only a small portion of the money was returned.
Subsequently, Fadtare and Shelar allegedly stopped responding to calls. In November 2025, after failing to recover the remaining amount, Aarti posted a review on the company’s Google page alleging that the firm was fraudulent. Several other individuals also posted similar reviews, claiming they had invested money but had not received returns.
Police register case
After confirming that they had been cheated, Aarti approached the Shivaji Park police station and filed a complaint. In her statement, she alleged that the accused had duped more than 150 investors of over Rs 10 crore through similar schemes, police said.
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The police have registered a case under the provisions of the Banning of Unregulated Deposit Schemes Act and relevant sections of the Bharatiya Nyaya Sanhita (BNS). Further investigation into the matter is underway.
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