Retired Judge’s son accused of ₹2.3 crore investment fraud

Lokmat News Network

Chhatrapati Sambhajinagar

A thane-based businessman and two others were allegedly duped of Rs 2.3 crore by a man who lured them with promises of high returns through investments in toll plaza tenders.

The accused, Vijay Dhayade, a resident of Blue Bell Society in Chikalthana MIDC, is the son of a retired judge. The complainant, bar owner Mangesh Mhatre from Bhayandar, was introduced to Vijay and his wife Priyanka Dhayade in December 2021 through mutual friend Vishal Ghughe. Vijay claimed to be a partner in Ghai Engineers & Constructions and owner of Ganesh Labour Suppliers & Services. He promised monthly returns of 2% to 8% on investments, allegedly backed by toll contracts and real estate ventures. He also showed copies of contracts signed by other investors to build credibility.

Mhatre initially invested Rs 20 lakh in January 2022. He received Rs 1.2 lakh as return in March, which boosted his confidence. Subsequently, Dhayade sought Rs 5 lakh, citing urgency for toll tenders related to the Samruddhi Expressway and Bandra-Kurla Sea Link. Mhatre transferred the amount.

₹1 crore taken with repeated promises

Dhayade later took Rs 25 lakh near Nashik on May 28, 2022, and another Rs 12 lakh two days later. By then, a formal agreement showed Mhatre’s investment had reached Rs 75 lakh. Occasional returns were given, but demands continued. By September 2022, Mhatre had invested Rs 1 crore. When the returns stopped in 2023, Mhatre confronted Dhayade, who claimed Rs 13 crore was pending from MSRDC and that he would repay once the funds arrived. He later allegedly threatened Mhatre with false molestation charges if he continued to follow up. Similar complaints have emerged. Vishal Ghughe was cheated of Rs 30 lakh, Rashmi Wade of Rs 50 lakh, and Kirti Ghughe of another Rs 50 lakh. A case has been filed at the Cidco police station. Polie inspector Sambhaji Pawar from the Economic Offences Wing is investigating the matter. More complainants are expected to come forward.