In a significant development, the Economic Offences Wing (EOW) of the Mumbai Police has successfully apprehended a Goregaon-based couple, Ashesh Mehta, 41, and Shivangi Mehta, 34, implicated in orchestrating a multi-crore cheating scheme. The couple, evading authorities since June, was arrested from a luxurious hotel in Surat. The arrest follows complaints from 166 investors, including former MLA Krishna Hegde, who collectively allege a staggering total fraud amount of ₹85.17 crore.
The case, initially registered by Amboli police in June, revolves around accusations of cheating and common intention under sections 420 and 34 of the Indian Penal Code. Given the increasing magnitude of the fraud, the case was subsequently transferred to the EOW in August.
“They have been booked under sections 420 (cheating) and 34 (common intention) of the Indian Penal Code and under sections 3 (fraudulent default by financial establishment) and section 4 (attachment of properties on default of return of deposits) of the Maharashtra Protection of Interest of Depositors Act, 1999 (MPID),” stated a police official.
Investors were reportedly enticed through Bliss Consultants, a stockbroking firm operated by the accused. The Mehtas attracted investments in Bombay Stock Exchange-listed companies using the DIFM application, charging a 30% brokerage fee on profits. Moreover, they promised investors an additional 2.5% monthly earning on their investments through the DIFM trading app.
Krishna Hegde, a victim in this fraudulent scheme, highlighted that the couple faced cases in Gujarat and Punjab, and their names were implicated in a drug racket in Madhya Pradesh, although they were later exonerated. Hegde stressed the urgency of a thorough investigation and confirmed the seizure of properties valued at ₹165 crore.
The couple was arrested on Friday night and presented in court on Saturday. The court has granted custody until January 4 for further interrogation. With more than 6,000 potentially affected investors, the estimated magnitude of the fraud may surpass ₹1,000 crore.
