Navi Mumbai-based accused lure the senior citizen woman into fake high-return investment scheme; victim first met the accused in 2017
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The Byculla police have registered an FIR against a father-daughter duo for allegedly cheating a 72-year-old woman of Rs 14.33 lakh by luring her into a fake high-return investment scheme involving Standby Letter of Credit (SBLC).
According to the complainant, she first came in contact with the accused, Sunil Shivdutt Sharma, 53, in 2017 through a chartered accountant’s office. Sharma, a resident of Ghansoli, Navi Mumbai, allegedly convinced her to invest, promising extraordinarily high returns. On November 11, 2017, he allegedly called the victim to meet near Regal Restaurant in Byculla, where she handed him Rs 9 lakh in cash.
The victim said that the promise of assured returns influenced her decision to invest. Police officials said that over the years, Sharma and his daughter, Sheeja Sunil Sharma, remained in contact with the victim and even showed her screenshots of fake profits, and forged documents, including Aadhaar, passport copies, and fabricated certificates, to build credibility.
The complainant states she was repeatedly asked to pay “processing fees” and that she transferred money in multiple installments to the accused’s Federal Bank account. The total alleged loss stands at Rs 14,33,998.
In 2022, Sheeja met with the victim in person at a hotel in Mumbai and claimed she was handling operations locally while her father worked from outside the city. When payments stopped and communication reduced, the complainant attempted to trace the accused in 2025 but found the Ghansoli address locked.
The victim cited health issues in the family, emotional distress, and prolonged false assurances as reasons for the delay in filing the complaint. Sopan Kalad, senior police inspector at Byculla police station, confirmed that they have initiated an investigation. He said that the accused will be summoned by serving them notice after preliminary investigation.
What is SBLC?
SBLC (Standby Letter of Credit) is a banking instrument used mainly in large corporate or international trade transactions. It acts as a financial guarantee issued by a bank, assuring payment if one party defaults.
Police speak
Banks do not offer SBLCs as investment products to individuals. Fraudsters often misuse the term to make fake schemes sound sophisticated and legitimate, promising high and guaranteed returns to lure victims.
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