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A five-member gang has allegedly defrauded an insurance officer of approximately ₹34 lakh under the pretext of lucrative investments. The incident, which took place in the Malad area, has been reported to the police, and an investigation is underway. The accused have been identified as Ravi Mahashet, Dilip Malp, Mohammad Rafiq, Rajeev Singh, and Abhishek Sahu. Malad police have registered a case of fraud against them and are preparing to issue summons for their interrogation. According to sources, the accused lured multiple investors by promising high returns through Forex trading and cryptocurrency investments. They allegedly operated a bogus company and amassed crores of rupees from unsuspecting victims. Authorities suspect that the fraud amount may rise further as more victims come forward. The complainant, Rishikesh Junnarkar, resides in the Magathane area of Borivali and works as an assistant manager in a private firm. Around four years ago, while working at his company's Malad branch, he became acquainted with Dilip Malp. Over time, they developed a friendship, and Malp persuaded him to invest in Forex trading and cryptocurrency. Malp promised an 18% return on investment, which convinced Junnarkar to invest despite initial hesitation. The accused took Junnarkar to their Goregaon office, where he met the other members of the gang. During discussions, they informed him that Forex trading was not officially recognized in India, so investments had to be made in cash. Believing their claims, Junnarkar handed over approximately ₹34 lakh between December 2021 and March 2025. The accused created a login ID for Junnarkar on a private investment portal, where he was shown fictitious profits. However, he was told that he could not withdraw funds for 20 months. When he later needed money for his father’s medical treatment, he requested a withdrawal, but the accused repeatedly dodged him with various excuses. As a result, he was forced to cover medical expenses using his credit card, which led to financial distress. Due to limited income, Junnarkar struggled to repay his credit card bills, and recovery agents began visiting his home and office, causing him severe mental stress. He later discovered that the accused had not refunded the investment amount to any investors. Instead, they had used a worthless virtual currency to deceive investors. Upon realizing the fraud, Junnarkar approached Malad police station and lodged a complaint against the accused. After verifying the claims, the police registered a case against Ravi Mahashet, Dilip Malp, Mohammad Rafiq, Rajeev Singh, and Abhishek Sahu. The police are currently investigating the matter, and further arrests are expected. Authorities have urged other potential victims to come forward and report similar incidents.

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A five-member gang has allegedly defrauded an insurance officer of approximately ₹34 lakh under the pretext of lucrative investments. ... ...