The Mumbai Economic Offences Wing (EOW) has initiated an investigation into a cheating case where 58 investors allegedly lost more than Rs 10.3 crore. The accused lured victims with promises of a monthly 2% return on their investments.
Police sources indicated that the total amount involved could rise as more complainants come forward. The case was initially registered on March 30 at the MHB police station in Borivli and later transferred to the EOW for further investigation.
According to police, Manish Shah, a resident of Malad, along with his family members, invested approximately Rs 3 crore. While they received Rs 1.1 crore in returns, the accused failed to repay the remaining amount, an officer said.
Authorities have booked two proprietary firms—Thanawala Wealth Management and Thanawala Investment—along with their proprietors and two other individuals who introduced the scheme to investors. The accused operated various schemes between 2019 and March 2026.
One scheme promised a guaranteed 2% monthly return on investments. Another scheme claimed to purchase pre-IPO shares with investors' money, asserting that profits could be made when share prices increased. The third scheme was a systematic investment plan (SIP), an officer explained.
Police noted that some investors who did not receive shares in Demat accounts persistently sought refunds and eventually got their money back. However, others neither received their shares nor any refund.
A team led by Joint CP Nishith Mishra, DCP Sangram Nishandar, Senior Inspector Dattatray Bakare, and Inspector Sandesh Manjrekar is probing the case. The accused have been booked under various sections of the Bharatiya Nyaya Sanhita (BNS), the Information Technology Act, the Maharashtra Protection of Interest of Depositors (MPID) Act, and the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.
These firms were not registered with the Securities and Exchange Board of India (SEBI) and illegally collected deposits from the public, the EOW officer stated.
