Mumbai: Retired Engineer Duped of Rs 10 Lakh in Investment Scam in Kalbadevi; Case Registered Against Company Directors

A case of financial fraud has come to light in the Kalbadevi area, where a retired engineer was allegedly cheated of nearly ₹10 lakh by a company that promised to double his investment within a year. Based on the victim’s complaint, the police have registered an offence against the company’s managing director and other officials under relevant sections of the Bharatiya Nyaya Sanhita and the Banning of Unregulated Deposit Schemes Act.

The accused have been identified as Karan Mehra, Anitha Muralidhar Panikar, Pranjal Gitaben Menon, Vighnesh Muralidas Panikar and Manishdas Muralidas Panikar. During the investigation, it was revealed that the company had collected around ₹1.75 crore from as many as 1,842 investors from Mumbai and other regions, without providing any returns. Police suspect that the total fraud amount could increase further as more victims come forward. A special operation has been launched to trace and arrest the accused, who are currently absconding.

According to the complaint, the victim, a Powai resident, had previously worked as an engineer at a company in Bandra and is currently retired. In March 2023, while looking to invest his savings in a profitable scheme, he came across information about a private investment company through a television programme. While researching the company on social media, he found a contact number and reached out to them. He was informed that the company’s office was located at Jayhind Estate, Dr. Atmaram Merchant Road, Bhuleshwar, Kalbadevi.

During his interaction with a company representative, he was told that the firm was engaged in manufacturing electric tractors, bicycles, agricultural equipment, two-wheelers and solar vehicles, and was generating substantial profits. He was assured that any investment made would be doubled within a year. The representative later connected him with the company’s director, Karan Mehra, who reiterated the same promise. Trusting their claims, the victim invested ₹10 lakh in phases.

A formal agreement was also signed between the investor and the company. However, even after a year had passed, the company failed to return the principal amount or any promised returns. The accused allegedly avoided him by giving various excuses.

Upon further inquiry, the victim discovered that between February 2023 and November 2025, around 40 investors from Mumbai and 1,442 from outside the city had collectively invested nearly ₹1.75 crore in the company. However, none of them received the promised returns.

After the fraud came to light, the victim lodged a complaint with the LT Marg Police. During verification, the police found that the company had lured multiple investors with false promises of doubling their money. Following this, a case has been registered against the accused under relevant legal provisions.

Police officials stated that an investigation is currently underway, and the accused will soon be questioned. Appropriate legal action will be taken based on the findings of the probe.