A sensational case of investment fraud has come to light from Andheri East, where a 20-year-old youth was allegedly cheated of over ₹67 lakh on the pretext of earning quick profits from the share market and IPO investments.
The complainant, Jayesh (20), a chartered accountant and businessman, has lodged a police complaint against Yogesh Bhanushali and his associate Dhaval Kakkar.
According to the police, Jayesh came in contact with Yogesh Bhanushali, a local resident, who introduced himself as an expert in the stock market and grey market IPO investments. Yogesh assured high returns within a short period and showed screenshots on his mobile phone purportedly displaying profits earned by other investors. He also arranged conversations with a few individuals to gain the victim’s confidence.
Yogesh further claimed that the invested amount would be officially deployed in the share market through his associate Dhaval Kakkar’s company. Jayesh was also made to speak to Dhaval over the phone, who assured him of safe investments and attractive returns. To project transparency, the accused insisted that all transactions be carried out through bank channels.
As per the complaint, between January and February 2024, Jayesh transferred over ₹67 lakh in multiple instalments from his bank account to Yogesh’s account. Initially, some profits were returned, which strengthened his trust. However, subsequent investments, allegedly meant for various company IPOs, yielded neither returns nor the principal amount.
The victim stated that after every investment, confirmations claiming deployment of funds in IPOs were sent via WhatsApp. He possesses chat records and bank transaction details as evidence. When the money was not returned despite repeated follow-ups, Jayesh realised he had been cheated and approached the police.
A case has been registered, and an investigation is underway. Police officials said that bank accounts, mobile chats and investment-related documents are being examined in detail.