Mumbai: Senior Citizen Duped of Rs75 Lakh in Share Market Investment Fraud in Juhu

A shocking case of fraud has come to light in Juhu, where a senior citizen was duped of approximately Rs75 lakh under the pretext of a 12% return on share market investments. Juhu Police have registered a case of fraud and embezzlement against Jai Mehta, a wealth manager at a reputed bank. However, before the case was registered, Mehta fled, and police are currently on the lookout for him. Authorities are also investigating whether he deceived others in a similar manner.

The complainant, 60-year-old Kaushal, resides in Juhu’s JVPD area with his mother, wife, and son. He previously worked as the president of a private company in Lower Parel and retired in October 2024. His salary was credited to a private bank where Jai Mehta was a wealth manager. Over the past ten years, Mehta had gained Kaushal’s trust, as they frequently interacted over banking-related issues, eventually forming a family-like bond.

Following Kaushal’s retirement, Mehta advised him to invest in the share market, claiming he was associated with a team of experts who could guarantee a 12% return. He compared this to the 8% interest Kaushal would receive on bank deposits and 6% on fixed deposits, convincing him that stock market investments were more profitable.

Trusting Mehta, Kaushal initially invested Rs30 lakh in August 2023. The following month, Mehta returned ₹1.4 lakh as an initial return, strengthening Kaushal’s confidence. Encouraged by this, Kaushal invested an additional Rs45 lakh from his bank savings and fixed deposits. Between August 2023 and November 2024, he handed over a total of Rs75 lakh to Mehta.

To assure him, Mehta provided four cheques, instructing Kaushal to deposit them if the promised returns were delayed. However, by October 2024, Kaushal had not received any returns. When he confronted Mehta, he was told that a market downturn had delayed fund transfers, but his money—along with interest—would be returned soon. Mehta even provided a written affidavit as assurance.

Despite these assurances, Mehta failed to return the money. When Kaushal tried to contact him, he found Mehta unresponsive to calls and emails. Growing suspicious, Kaushal’s son visited Mehta’s residence in Mira Road, only to discover that he had fled. Realizing they had been duped, Kaushal approached Juhu Police and filed a complaint.

After verifying the details, police registered a case of fraud and embezzlement against Mehta. Investigations are underway to locate him and determine if he has defrauded others in a similar manner.