Mumbai: Couple Cheats Three Members of a Family of Over Rs 1 Crore on Pretext of Investment

A shocking case of financial fraud has come to light in the Lower Parel area, where a couple allegedly cheated three members of the same family of around Rs 1 crore under the guise of investment. The N.M. Joshi Marg Police have registered a case of cheating and criminal breach of trust against the accused couple – Bhakti Akshay Kandarkar and Akshay Laxman Kandarkar. The duo has been declared wanted in this case, and a police search is underway to trace them. It is suspected that they may have similarly cheated other individuals as well.

According to the complaint, 49-year-old Nayana Deolekar, who resides in Lower Parel with her husband, daughter, and son, was earlier living in Sion-Pratiksha Nagar. Back then, their neighbour was Bhakti Kandarkar. After a long gap, they reconnected via Facebook in 2014 and remained in touch since. During their interactions, Bhakti told Nayana that she was working with a reputed agency named Motilal Oswal and lured her into investing in their "high return" schemes. Bhakti also suggested an investment opportunity in an 11-guntha plot at Lonavala, promising attractive returns.

Trusting Bhakti due to their old acquaintance, Nayana invested Rs 20 lakh, her husband contributed Rs 46.5 lakh, and her daughter put in Rs 40 lakh – amounting to a total investment of Rs 1.065 crore. Additionally, on the couple’s advice, Nayana handed over gold ornaments weighing 149 grams, including two mangalsutras, a gold chain, two bracelets, and bangles, as part of the investment. These transactions took place between May 2021 and January 2023.

To build trust, the accused returned small amounts initially. However, the promised principal amount and returns – totalling Rs 1.04 crore – were never paid back. Despite repeated follow-ups, Bhakti and her husband allegedly avoided responding.

After two years of persistent efforts, Nayana finally lodged a complaint with the N.M. Joshi Marg Police Station. Upon verification of the complaint, police registered an FIR against Bhakti and Akshay Kandarkar for cheating and misappropriation of funds. Investigations are ongoing to trace the accused and to determine if they have defrauded others under similar pretences.