The Mumbai Crime Branch has arrested an accused from Chhatarpur, Madhya Pradesh, who allegedly cheated 400 to 500 people by promising good returns on investments in the stock market. Crime Branch DCP Datta Nalavade stated that the accused had committed fraud worth approximately ₹170 crore.
DCP Datta Nalavade mentioned that a few days ago, some people filed complaints with the Versova police about being cheated in the name of investing in the stock market. The Property Cell of the Mumbai Crime Branch was investigating these complaints. The accused, Ashish Dinesh Kumar Shah (44), who resides in Versova, convinced people to invest by promising high returns. Initially, Shah gave profits to those who invested. As word spread in the Versova area about the returns Shah was providing, more people started investing in his company, hoping to earn profits.
Shah initially returned the investment profits but later stopped and fled after closing his office. DCP Nalavade revealed that Shah had told people he had established a company named Samaryash, which was associated with SEBI, thus gaining their trust. However, the police investigation revealed that Shah did not invest the money taken from people in any shares.
Accused Shah has studied up to graduation. He helped people during the Covid period, due to which he came in contact with the people of the area. Shah took money from people in the name of investment from the year 2022 to May 2024. Shah did not invest people's money in the share market.
Mangesh Desai, the incharge police inspector of property cell , Inspector Praveen Mohite, and Inspector Arun Thorat (Anti-Extortion Cell) and their team from the Property Cell arrested the accused from Chhatarpur, Madhya Pradesh, based on technical evidence. The police seized 1,900 grams of gold and ₹25 lakh in cash from Shah. The seized gold is valued at ₹1.70 crore.
The police also reported that the accused used the money taken from people to buy gold and that he owns two flats in Mumbai, four vehicles, and two pieces of land in his village. The police are investigating the whereabouts of the remaining money obtained through the fraud.