Two directors from an investment firm have been accused of deceiving TV actor Amar Upadhyay of Rs1.25 crore by promising substantial returns on stock trading. Identified as Kunal Shah and Hinal Mehta, directors of Dialites Investment Pvt Ltd, they allegedly assured Upadhyay that his investment, which currently stands at Rs2.5 crore, would yield significant profits.
According to Upadhyay's complaint filed with the Versova police on May 9, the actor was introduced to Shah by a neighbor in 2022. Subsequently, both accused visited Upadhyay's residence, explaining stock market opportunities and guaranteeing a 5-7% return on investment, backed by an agreement. Upadhyay invested Rs20 lakh between April 2022 and January 2023 based on their proposal.
Later, Shah and Mehta informed him that by reinvesting instead of taking interest, he could expect to receive Rs5.22 crore by 2026, with a potential profit of Rs15.83 crore if market conditions were favorable. Encouraged by these assurances, Upadhyay invested an additional Rs50 lakh and made further investments totaling Rs1.25 crore between May 4 and July 2023.
Upadhyay claims that Shah and Mehta invested his money in shares of another company. Whenever he inquired about his returns, they reassured him about the profits. However, they allegedly failed to deliver the promised returns and even provided a fake demat account statement. Upadhyay alleges that he later discovered that Shah and Mehta had obtained a loan against his shares without his consent.