05 March,2026 12:54 PM IST | Mumbai | mid-day online correspondent
Varsha Usgaonkar
Marathi actress Varsha Usgaonkar has reportedly become one of the victims in an alleged investment fraud case worth nearly Rs 47 lakh, prompting the Mumbai Police to register a case against builder and film producer Avinash Jadhav. The case has been filed at the Shivaji Park Police Station and authorities have begun an investigation into the matter.
According to police officials, the complaint was filed by actress Mrinalini Subhash Jambhale who claimed that she had a professional acquaintance with Jadhav. In her statement she alleged that Jadhav introduced himself as a builder and film producer and persuaded her to invest in a construction project in Dombivli, promising lucrative returns and the return of the principal amount within a year.
Police said that between November 2019 and February 2020, Jambhale along with Usgaonkar and three other investors collectively invested around Rs 47 lakh in the project. The payments were reportedly made through cheques and online bank transfers after the accused assured them that the investment would yield high profits.
Initially the investors received partial returns. According to the complaint, Jadhav allegedly paid about Rs 4.52 lakh to the group as part of the promised profits. However the payments soon stopped, raising suspicions among the investors.
The complainant further stated that when she attempted to contact Jadhav regarding the pending returns and principal amount he allegedly became unreachable. Police said the accused reportedly changed his phone number and addresses, making it difficult for the investors to get in touch with him.
In the complaint Jambhale also alleged that when the investors eventually managed to confront Jadhav in Dombivli and demanded their money back he refused to return the amount. She further claimed that he allegedly threatened them instead of resolving the issue.
Confirming the development police said, "Shivaji Park Police have booked Avinash Jadhav for allegedly cheating actresses Varsha Usgaonkar, Mrinalini Jambhale and others of R 47 lakh in an investment fraud case." They added that an FIR has been registered under Sections 420 for cheating and 506 for criminal intimidation of the Indian Penal Code.
Authorities also confirmed that the case was officially registered on February 26 and the investigation has been assigned to Assistant Police Inspector Shailesh Shejul. Officials said further inquiries are underway to trace the accused and examine the financial transactions involved in the alleged scam.
The incident has once again highlighted the risks associated with investment schemes that promise unusually high returns, particularly when they involve informal agreements or personal contacts. Police are continuing their probe to determine the full extent of the alleged fraud and whether more investors may have been affected.
