Stock Market Fraud: Mumbai Businessman Duped Of Rs.8.40 Crore; Case Filed Against Accused

In a shocking incident from Powai, two fraudsters duped a businessman of nearly ₹8.40 crore by promising high returns on short-term investments in the stock market. Based on the businessman's complaint, the Powai police have registered a case of fraud against the accused, identified as Shanshak Viparthi and Fauzia Viparthi. However, both suspects have gone absconding since the case was filed, and the police are actively searching for them.

According to the Powai police, the complainant resides in the Hiranandani Gardens area of Powai. He met the accused three years ago, who claimed to be stock market investors with a successful track record of investing money for several people. They had allegedly delivered impressive returns on short-term investments, which led them to advise the businessman to invest as well.

Trusting them, the businessman initially invested some money, and as expected, received good returns, which further strengthened his confidence in the accused. Between January 2021 and March 2024, along with his friend Shashir, the businessman invested a total of ₹8.40 crore through Shanshak and Fauzia.

However, the situation took a turn when the businessman stopped receiving any returns on his investments. Despite repeated requests, the accused failed to return the invested money. Realizing that he had been defrauded, the businessman lodged a complaint with the Powai police.

The police have taken the matter seriously and initiated an investigation, which revealed that Shanshak and Fauzia Viparthi had lured the businessman with the promise of investing in a private company. After swindling him of ₹8.40 crore, the duo disappeared. A case of fraud has been registered, and efforts to track down the culprits are ongoing.