Mumbai: A financial fraud involving the promise of high returns on investments has come to light in Lower Parel, where eight investors were cheated of ₹1.21 crore. The N.M. Joshi Marg police have registered a case against Kishor Gajanan Kokate and Amit Satish Suvarna, directors of Shri Ganesh Innovation Company, and further investigations are underway.
About The Case
Gaurav Gosavi, a resident of Lower Parel and a customer service manager at a private firm in Malad, became acquainted with Kishor Kokate, who launched Shri Ganesh Innovation, an investment firm, three years ago in partnership with Amit Suvarna. In February 2022, Kokate approached Gosavi, explaining that the company specialized in share trading and offered attractive returns.
Kokate promised monthly returns of 6% with additional interest incentives for investing in the company. Tempted by this offer, Gosavi initially invested ₹1 lakh and received regular returns of ₹6,000 per month. Encouraged by consistent earnings, he increased his investment and referred his relatives and friends to the company, advising them to invest as well.
Trusting Gosavi’s recommendation, a total of eight people invested ₹1.21 crore in the company. Until October 2022, the returns and interest payments were made on time. However, payments abruptly stopped, and the directors shut down their Byculla office and disconnected their phones, leaving the investors unable to reach them.
When it became clear that they had been defrauded, Gosavi and other investors filed a complaint with the N.M. Joshi Marg police station. Authorities suspect that additional victims may come forward, potentially increasing the total fraud amount. Police are continuing their investigation into the case.
