Shivaji Park police say over 150 investors duped with promise of 50 per cent annual returns
Powder prepared from the leaves of the moringa tree. Representation pic/istock
The Shivaji Park police have booked two men for allegedly cheating more than 150 investors of over R10 crore through a bogus high-return investment scheme linked to an agribusiness firm claiming to export moringa powder.
The accused, identified as Sachin Phadtare and Nikhil Shelar, allegedly lured investors by promising returns of up to 50 per cent annually. “Victims were persuaded to invest large amounts under a five-year plan and were initially paid monthly returns,” a police officer said.
Payments stop
However, the payments later stopped, and cheques issued by the firm reportedly bounced.
A screenshot of a Google review posted by an investor alleging fraud
The complaint was filed by Aarti Thackeray, 39, who alleged that she and her family invested Rs 8 lakh after being assured regular payouts. According to police, the accused claimed their company produced moringa powder and exported it abroad, stating that profits from the export business would fund investor returns.
Firms probed
Investigators said the accused allegedly operated multiple firms from an office on NC Kelkar Marg in Dadar West to promote the scheme and collect funds. When the complainant’s family later sought repayment, they were allegedly told the money would be returned only if negative Google reviews about the company were deleted.
Complainant’s investment
>> Aarti Thackeray: Rs 5 lakh
>> Husband: Rs 1 lakh
>> Mother: Rs 2 lakh
>> Total invested: Rs 8 lakh
How the scheme worked
>> Investors promised up to 50 per cent annual returns
>> Five-year lock-in plan offered
>> Initial monthly payouts given
>> Later payments stopped, and cheques bounced
Business claim
>> The firm claimed to produce moringa powder
Allegedly said product was exported abroad
>> Profits from exports promised as source of investor returns
>> Firms under scanner
>> Police say four companies linked to the accused
>> Office located on NC Kelkar Marg, Dadar West
Entities are allegedly used to attract investors and collect funds
Case registered under
>> Sections 316(5), 318(4), 61(2), 3(5) of Bharatiya Nyaya Sanhita
>> Banning of Unregulated Deposit Schemes Act, 2019
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