A case of cheating involving ₹49,46,800 has come to light in Dharavi, where a garment businessman and his relatives were allegedly duped on the pretext of investment promising high returns. The Dharavi Police have registered a case against three persons, including the chairman of Bio Estate Solution Pvt. Ltd.
According to the police, complainant Aamir Idris Khan (51), a resident of the 90 Feet Road area in Dharavi and a garment trader by profession, lodged a complaint in connection with the fraud.
As per the complaint, in 2019 one of Khan’s friends introduced him to an investment scheme called the Monthly Rental Income System (MRIS) run by the company Bio Estate Solution. The company’s chairman Shivaji Walke allegedly assured that the invested amount would be doubled within 48 months.
Trusting the offer, Khan initially invested ₹6,46,800 in a cryptocurrency called “BioCoin” in January 2019. Later, between 2019 and 2020, Khan, his wife Sahani, his brother-in-law Amjad, and his friend Pushpendra Badala collectively invested ₹43 lakh in various schemes of the company.
During the initial months, Khan and his wife received returns of ₹1.8 lakh each. However, from May 2020 onwards, the company stopped making payments. Around the same time, the company’s office in Dharavi was also shut down during the COVID-19 period.
In February 2023, Khan visited the company’s head office in Kalyan, where he met directors Ghanshyam Sharma and Shakeel Khan. The accused allegedly issued cheques worth ₹39 lakh as part of a settlement. However, only ₹4 lakh was cleared, while cheques worth ₹23.84 lakh were returned due to insufficient funds.
Realising that he had been cheated, Khan approached the Dharavi Police and filed a complaint.
Based on the complaint, the police have registered a case against Chairman Shivaji Walke and directors Ghanshyam Sharma and Shakeel Khan under sections 3(5), 316(2), 316(5), and 318(4) of the Bharatiya Nyaya Sanhita (BNS), 2023. Further investigation into the matter is currently underway.