Woman files FIR against Mumbai health-tech CEO over unpaid Rs 33 lakh loan

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What began as a workplace friendship at a Mumbai startup has culminated in a police case alleging cheating, criminal breach of trust and forgery involving nearly Rs 34 lakh.

Kalachowki police have registered an FIR against Dr Niraj Ramesh Sheth, founder and chief executive officer of a Mumbai-based health-tech startup, after a former employee accused him of failing to return money borrowed over several years and later relying on a forged invoice purportedly issued by a UK-based law firm to deny liability.

According to police, the complainant is a 37-year-old Mulund resident, who worked with the accused between January and October 2017 as a management trainee in sales. During her stint at the company, she developed a close friendship with Sheth.

The woman, in her statement to police, said that the startup was facing financial difficulties and employees were often not paid on time. She eventually left the company in October 2017 after allegedly not receiving her salary, but remained on friendly terms with Sheth.

In 2018, Sheth allegedly approached her seeking financial assistance for his business. Trusting him, she claims to have extended what she described as "friendly loans" between 2018 and 2022. According to the complaint, she transferred money through multiple bank accounts, provided cash and also made payments through her credit card.

Police said that the total amount advanced by her was Rs 50.25 lakh. Sheth allegedly only returned Rs 16.31 lakh over the years, leaving an outstanding amount of Rs 33.94 lakh. The dispute took a turn in 2024 during an inquiry connected to another case registered by the woman at Mulund police station.

Police said they are now investigating the cases with the documents, audio recording interaction between the accused and the victim claiming the invoice) and e-documents (Google Sheet), provided by the victim. Sheth has been booked for criminal breach of trust, cheating, forgery, forgery for the purpose of cheating, forgery intended to harm reputation and using forged documents.