Mumbai: Investment Scam Worth ₹1.21 Crore Exposed; Two Directors Accused

A major investment scam involving ₹1.21 crore has come to light in Lower Parel, where eight individuals were duped by a company promising attractive returns on investments. The N.M. Joshi Marg Police have registered a case of cheating and misappropriation against the two directors of the company, identified as Kishor Gajanan Kokate and Amit Satish Suvarna. The investigation reveals that the scam amount could increase as more complaints are being filed. Both accused are currently absconding, and the police have launched a special operation to trace them.

Gaurav Gopal Gosavi, a resident of Lower Parel and a customer service manager at a private company in Malad, was acquainted with Kishor Kokate for over 20 years. Kokate, who ran his own business, started an investment firm named "Shree Ganesh Innovation" three years ago, with Amit Suvarna as his partner.

In February 2022, Kokate approached Gosavi, claiming his company dealt in share trading and offered lucrative returns. He promised a monthly return of 6% on investments, persuading Gosavi to invest in the company. The company's office was located on N.M. Joshi Marg, Byculla.

Initially, Gosavi invested ₹1 lakh and started receiving ₹6,000 monthly returns. Encouraged by the consistent returns and trust in Kokate and Suvarna, he invested an additional ₹4 lakh. Over time, he received a total of ₹66,000 in returns. Convinced of the scheme's credibility, Gosavi referred his relatives and friends to the company, leading to a collective investment of ₹1.21 crore by eight individuals.

Investors received regular returns until October 2022, after which the company stopped paying. Attempts to contact Kokate and Suvarna were futile as they shut down their office and switched off their phones. When approached, the duo assured the investors of returning the principal amount with interest soon but failed to fulfill their promise within the stipulated time.

Realizing they had been duped, Gosavi and the other victims filed a complaint at the N.M. Joshi Marg Police Station. Based on Gosavi’s report, the police registered a case of cheating and misappropriation against the two directors.

As of now, complaints from eight individuals have been recorded, with losses totaling ₹1.21 crore. The police suspect more victims may come forward, potentially increasing the scam's magnitude.

Efforts are underway to locate and apprehend the accused, while authorities continue to investigate the extent of the fraud and recover the victims' money.