11 July,2026 12:24 PM IST | Mumbai | Aishwarya Iyer
The accused have been booked under Sections 318(4) (cheating) and 61(2) (criminal conspiracy) of the BNS. Representational pic
A promise to turn Rs 1 crore into Rs 1.5 crore in just 30 days allegedly cost a Pune man his entire investment after he was drawn into what police suspect was a meticulously planned investment fraud spanning multiple meetings, fake credentials, and a staged cash handover in south Mumbai.
The LT Marg Police in Mumbai have registered a first information report (FIR) against five people named as accused and three unidentified persons for allegedly cheating a 34-year-old Hinjewadi resident of Rs 1 crore in cash by luring him into investing in a purported "Trade Profit Fund".
The complainant, Mohsin Mulani, a commerce graduate who is currently unemployed, had previously worked with a private company in Pune, while his wife is employed as a marketing head at a private firm.
Police said Mulani was introduced to the investment opportunity in May by his acquaintance Adnan Inamdar, who claimed that his contact Shubham Raut operated a fund that generated extraordinary returns within a month. The only condition, Mulani was allegedly told, was that the minimum investment had to be Rs 1 crore.
Interested in the proposal, Mulani met Raut at a sprawling shopping mall in Borivali East on May 19. During the meeting, Raut allegedly claimed that an investment of Rs 1 crore would fetch Rs 1.5 crore within 30 days. To convince the complainant, he allegedly showed receipts of investments worth Rs 5 crore and Rs 30 crore, claiming they belonged to other investors who had already joined the scheme.
Raut also introduced Mulani to his cousin Tanvesh Patil and another associate, Rajendra Singh, who allegedly claimed to oversee the fund's Mumbai operations. Singh assured Mulani over the phone that the investment would be backed by official investment and no-claim certificates, making the proposal appear legitimate, police said.
Satisfied with the assurances, Mulani discussed the proposal with his wife and friend Swapnil Kale. The trio arranged Rs 1 crore, with Kale contributing Rs 45 lakh and Mulani and his wife pooling the remaining Rs 55 lakh.
Just a day before the transaction, Mulani allegedly received a welcome email from an account identifying itself as Terai Tea Company Limited, acknowledging him as a business associate. Raut allegedly instructed him to reply to the email, which police now suspect was part of an elaborate attempt to establish credibility.
On the morning of May 25, Mulani and Inamdar drove from Pune to Mumbai carrying Rs 1 crore in cash, reaching Kalbadevi Metro Station around 10.30 am, where they met Raut and Patil.
Raut informed Mulani that Rajendra Singh had travelled abroad and that another associate, Prakash Kadam, would now oversee the investment process. Shortly afterwards, Akash Dubey and three unidentified men joined the group before everyone proceeded to JSS Road in Kalbadevi.
Inside a property, the accused allegedly took possession of the cash bag and began counting the money. At one point, one of the men even went upstairs to fetch rubber bands to bundle the cash. Once the counting was complete, Mulani was allegedly told to proceed to Terai Tea Company's office in Bandra-Kurla Complex (BKC), where he would receive the promised investment and no-claim certificates.
Initially reluctant to leave Rs 1 crore behind, Mulani was allegedly reassured by Raut that the process was routine and risk-free. To further gain his confidence, Raut allegedly handed him a receipt acknowledging the deposit of the money and even signed a Rs 50 note, telling him it could be used, along with the receipt, to reclaim the money if the certificates were not issued.
Trusting the assurances, Mulani left for BKC with Inamdar, while Raut and Patil followed separately.
However, after waiting for nearly an hour in BKC, Mulani was allegedly told that neither Dubey, Kadam, nor Rajendra Singh could be contacted. Raut then claimed he would return to Kalbadevi to check on the matter. He later informed the complainant that the property they had previously visited had shut for the day, but assured him that he was taking complete responsibility and would ensure the money was returned once Singh came back.
Over the next few days, instead of refunding the money, Raut allegedly continued making excuses. He first claimed that Rajendra Singh was abroad and later said he had been hospitalised. Police said Raut also attempted to persuade Mulani to invest more, promising that a fresh investment of Rs 1 crore would immediately yield Rs 1.5 crore, while Rs 2 crore would generate Rs 2.8 crore, claiming that the profits could even cover the losses from the earlier investment.
Suspecting that he had been cheated, Mulani first approached Wadala TT Police on May 30. After a preliminary inquiry, he was directed to LT Marg Police, as the alleged offence had taken place within their jurisdiction. He lodged a complaint there on June 9, following which an FIR was registered on Friday.
The accused have been identified as Shubham Vinesh Raut, Tanvesh Pradeep Patil, Rajendra Singh, Prakash Kadam, Akash Dubey, besides three unidentified persons. They have been booked under Sections 318(4) (cheating) and 61(2) (criminal conspiracy) of the BNS.
Police are also verifying whether Terai Tea Company Limited had any role in the alleged investment scheme or whether its name and email ID were fraudulently used by the accused to gain the complainant's confidence.
