In a shocking case of deception, a 32-year-old share market consultant from Pune was defrauded of a massive sum of ₹14.65 lakh by fraudsters impersonating officials from the Reserve Bank of India (RBI). The accused lured the victim with a bogus promise of converting black paper into genuine Indian currency notes using a special chemical process.
The Elaborate Con and False Demonstrations
The victim, Akshay Khade, who is physically disabled, first met the prime accused, Arvind Baban Lambe, back in 2017. They reconnected in 2024 through Facebook. According to the complaint filed with the Matunga police, Lambe invited Khade to Mumbai in November 2024. At a hotel near Dadar railway station, Lambe introduced him to two other men—Vikas Shinde and an unidentified accomplice.
The trio presented themselves as RBI officials. To gain Khade's trust, they performed a convincing demonstration. They showed him a process where black paper, dipped into a chemical liquid, appeared to transform into authentic ₹500 currency notes. To further solidify the illusion, these notes were deposited in a bank and confirmed to be genuine legal tender.
The Financial Trap and Mounting Losses
Believing the scam to be real, Akshay Khade made an initial payment of ₹1.5 lakh in cash to purchase the so-called special chemicals and papers. When he tried to replicate the process at home and failed, the accused did not flee. Instead, they proposed a larger deal, offering him a return of ₹47 lakh in exchange for an investment of ₹15 lakh.
Falling deeper into the trap, Khade arranged ₹10 lakh from his friends and handed it over to the accused at Dadar station in December 2024. He later transferred an additional ₹3.15 lakh via NEFT. Police reports indicate another woman paid ₹50,000 directly to the fraudsters.
Legal Action and Police Investigation
The scheme unraveled when the accused stopped responding to Khade's calls and messages. The matter was then reported to the police, leading to the registration of a formal FIR for cheating. During questioning at the Tulinj and Achole police stations, Arvind Baban Lambe allegedly admitted to the crime and even promised to return the stolen money.
However, Akshay Khade has now sought full legal action against Arvind Baban Lambe, Vikas Shinde, and the unidentified third accomplice. The Matunga police are actively investigating the case, verifying all allegations and meticulously tracing the complex financial trail of the duped money.
