The Economic Offences Wing (EOW) of the Mumbai Police on Thursday carried out major raids at three locations in Mumbai and Nashik in connection with a large-scale investment fraud case in which over 150 investors were allegedly duped of more than ₹10 crore by promising 50 percent annual returns and doubling investments within five years.
The raids were conducted at the residences and offices of the accused, Sachin Phadtare and Nikhil Shelar, located in Dadar and Nashik. During the search operation, officials recovered several important documents related to the fraudulent investment scheme. However, the accused managed to flee before the raids and are currently absconding, police said.
According to the EOW, an FIR in the case has been registered at the Shivaji Park Police Station and efforts are underway to trace the accused.
The case came to light after Aarti Kaustubh Thackeray (39), a resident of Pratiksha Nagar in Sion, filed a complaint with the police. In her complaint, she stated that in December 2022, her husband's friend Rahul Joshi introduced her to an investment scheme run by Niyogreen Ventures Private Limited.
Following the introduction, Aarti Thackeray and her husband visited the company’s office in Dadar West, where they met Sachin Phadtare and Nikhil Shelar, who were associated with the company. The accused allegedly claimed that the company was engaged in the production and export of moringa powder, which generated significant profits. They assured investors of 50 percent annual returns with monthly payouts and promised that the invested amount would become two-and-a-half times within five years under a lock-in period.
Trusting the scheme, Aarti Thackeray invested ₹5 lakh, while her husband invested ₹1 lakh and her mother Dipali Sapale invested ₹2 lakh. The company allegedly insisted that the investment be made in cash, and an investment agreement was also executed.
Initially, the company paid returns amounting to ₹1,45,831 between January 2023 and July 2023. However, after that period, the payments stopped.
According to the complainant, in 2025, the company issued two cheques as payment, but both were dishonoured due to the bank account being closed. Subsequently, the company officials stopped responding to phone calls.
In November 2025, the victim posted a review on Google describing the alleged fraud. She later discovered that several other investors had lodged similar complaints against the company.
Police suspect that the company also used other associated firms to lure investors into the fraudulent scheme. Investigations have revealed that more than 150 investors were cheated of over ₹10 crore through such promises of high returns.
A case of cheating has been registered against Sachin Phadtare, Nikhil Shelar and their associates, and further investigation is underway. Officials said they are also contacting other victims to uncover the full extent of the fraud network.