A shocking case of financial fraud has come to light in Juhu, where a 74-year-old businessman was allegedly cheated of ₹1.6 crore by a Nagpur-based associate under the pretext of a pharmaceutical capsule production partnership.
According to the police, the complainant, a senior citizen residing in Juhu, runs a private company that exports pharmaceutical products across India and abroad. His firm’s head office is located at JVPD Scheme, Juhu.
Four years ago, he came into contact with the accused, identified as Dhanesh Gundecha, a businessman from Nagpur. Over time, the two developed a professional relationship. Later, Gundecha proposed a new capsule manufacturing venture and offered the complainant a 25% partnership stake in return for an investment.
In December 2022, a Memorandum of Understanding (MoU) was signed between Gundecha, Anup Kothari, Atul Jain, and Ramesh Rughani, allotting 25% shares to each. As per the agreement, the complainant was to invest ₹2 crore. Accordingly, he transferred ₹1.6 crore in instalments to the company’s bank account for capsule machinery and related expenses.
However, despite receiving the funds, Gundecha allegedly failed to purchase the capsule production machines. Whenever questioned, he made excuses and promised that production would soon begin. But when no progress was seen, the complainant decided to withdraw and demanded a refund.
Police said that instead of returning the investment, Gundecha misappropriated the funds for personal use, thereby cheating the complainant.
Based on the complaint, Juhu Police registered a case of cheating and criminal breach of trust against Gundecha. A police team is expected to visit Nagpur soon as part of the investigation. Authorities are also probing whether Gundecha has duped other businessmen using similar partnership offers.