The Economic Offences Wing (EOW), Unit 2, has initiated an investigation into a ₹2.92 crore fraud after Sanpada Police registered an FIR against two brothers from Ulwe for allegedly duping multiple investors through high-return stock market schemes and a food delivery app venture.
Investors Lured with Assured High Returns
According to the FIR, the accused both residents of Sector 23, Ulwe operated a financial services firm from Sector 30A, Sanpada, where the alleged fraud occurred between November 2023 and December 2025. Police said the duo enticed a 46-year-old farmer from Hingoli and several others with promises of guaranteed and unusually high profits. Despite repeated assurances, the accused allegedly stopped responding and failed to return even the principal amount.
In total, investors lost ₹2.92 crore, none of which has been recovered.
Case Registered Under BNS and MPID Act
The case has been registered under Sections 316(5) (breach of trust), 316(2) (criminal breach of trust), 318(4) (cheating), and 3(5) (common intention) of the Bharatiya Nyaya Sanhita, along with provisions of the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999—a law invoked in large-scale financial frauds to safeguard investors.
Police Say Intent to Defraud Is Clear
“No arrests have been made yet, but preliminary inquiry shows the investors were systematically convinced through misleading promises,” a senior officer said. The officer added that the duo’s intent to defraud became evident when they neither returned any money nor offered an explanation.
EOW Tracing Money Trail, More Victims Expected
The FIR was filed on December 9, and EOW teams are now tracing the financial trail, identifying potential additional victims, analysing digital evidence from the firm’s systems, and verifying the existence of the app and the legitimacy of the stock market schemes. Officials believe more victims may come forward as the probe progresses.
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