Thane Police Register Case Against Two in Major Investment Fraud
Thane police have officially registered a criminal case against two individuals accused of masterminding a widespread investment scam that resulted in the misappropriation of over Rs 1.8 crore from multiple victims. The case represents a significant financial fraud investigation currently underway in the region.
Suspects and Modus Operandi Identified
According to the First Information Report (FIR) filed with authorities, the primary suspects have been identified as Sagar Subodh Kariwadekar and Sachin Balkrushna Rane. The duo allegedly operated their fraudulent scheme from business premises located in Thane (West) between October 15, 2021, and October 30, 2025.
The accused reportedly lured unsuspecting victims by promoting fraudulent stock market investment schemes that promised exceptionally high financial returns. Their sophisticated approach involved gaining the trust of investors before ultimately failing to return either the principal investments or the promised profits, leaving victims with substantial financial losses.
Complaint Reveals Multiple Victims
The investigation was initiated following a formal complaint filed by 41-year-old Samiksha Samir Gawde, a resident of Bhandup. While Gawde personally suffered a loss of Rs 26 lakh in the fraudulent scheme, subsequent police enquiries revealed that at least 11 other investors were also defrauded by the same operation.
This discovery brought the total number of identified victims to 12, with combined losses exceeding Rs 1.8 crore. The victims' decision to seek legal recourse came after repeated attempts to recover their investments proved unsuccessful.
Legal Charges and Investigation Details
Police have booked the accused under multiple sections of the Bharatiya Nyaya Sanhita (BNS), including:
- Section 318(4) for cheating
- Section 316(2) for criminal breach of trust
- Section 3(5) regarding acts done by several persons in furtherance of common intention
Due to the specific nature of the financial deception involved, authorities have also applied charges under Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors Act, 1999. This additional legislation specifically addresses financial fraud targeting depositors and investors.
Ongoing Investigation and Future Proceedings
The case is currently being spearheaded by officials of the Economic Offences Wing in Thane City, who specialize in investigating complex financial crimes. Investigators are actively working to determine if additional victims were affected by this fraudulent syndicate beyond those already identified.
Police authorities have emphasized that their investigation remains ongoing, with efforts focused on gathering additional evidence, identifying potential co-conspirators, and tracing the movement of funds obtained through the fraudulent scheme. The case highlights the increasing sophistication of investment scams targeting individuals seeking high returns in volatile financial markets.
