Mumbai: Massive Fraud at Investment Company Exposed; Three Charged with Duping Investors of Crores

A major fraud case has come to light in which several investors were lured into investing in a trading company with the promise of high returns from the stock market. The Parksite Police have registered a case of fraud against three individuals associated with a Trading Company: owner Bharti Sudhakar Pednekar, Samarth Sadaye, and manager Triloknath Gupta. Although the complainant alleged a fraud of Rs 32 lakh involving him and his relatives, police suspect the scam could amount to several crores.

Mohammed Ismail Ibrahim Shaikh, a resident of Kurla who works at a private company, reported that in May 2024, a friend advised him to invest in a Trading Company, claiming that it offered good returns. The friend introduced Shaikh to the company’s manager, Triloknath Gupta. The Trading Company has an office in Ghatkopar, where Bharti Pednekar and Samarth Sadaye are listed as the owners. Gupta allegedly convinced Shaikh that the company was proficient in stock market investments, promising substantial returns. Trusting this, Shaikh decided to invest through the Trading Company. Between May and October 2024, he invested Rs 30 lakh, and upon learning of his investment, Shaikh's relatives invested an additional Rs 2 lakh.

In total, Shaikh and his relatives invested Rs 32 lakh. They received returns for the first few months, but soon, the payments stopped. Concerned, several investors gathered at the Ghatkopar office of Trading Company, where they were told that bank issues were causing the delay and that their money would be returned shortly. However, even after 15 days, no one received their money. On August 25, Shaikh, along with other investors, visited the office again only to find that the three accused were absent. After inquiring, the investors were told that the company was awaiting a payment of Rs 3.5 crore, which would be used to pay the principal and commission to everyone involved. Yet, Bharti Pednekar, Samarth Sadaye, and Triloknath Gupta failed to fulfill this promise.

In a voice message sent to the investors, Pednekar admitted, "We have made a mistake. We cannot return the money at the moment as our funds are stuck. We will start repayments by October." Trusting this, the investors waited until October, but no one received their money.

When no repayments were made, Shaikh filed a complaint with Parksite Police Station. After verifying the complaint, police registered a case against Bharti Pednekar, Samarth Sadaye, and Triloknath Gupta, and an investigation is underway. Initial investigations reveal that many investors poured crores of rupees into Trading Company, only to be defrauded by these three individuals who subsequently absconded. Police suspect the actual amount defrauded could increase as more victims come forward.