Fraud Alert in Thane: Agent Cheats 7 Investors of ₹1.5 Crore with Fake Investment Schemes

Thane: In a major financial fraud case, Thane police have launched a search for a man accused of duping seven investors of ₹1.53 crore by falsely promising high returns through fake investment schemes.

The accused, identified as RR Chavan, a resident of Kalwa, allegedly operated under the guise of a mediclaim insurance agent and claimed to be a partner in a SEBI-approved securities firm. Chavan reportedly lured investors by promising significantly higher returns than those offered by banks.

The complaint was lodged by a 33-year-old medical representative from Thane who claims he was conned out of ₹23 lakh between May 2020 and August 2022. The victim said that when he sought returns on his investment, Chavan offered evasive responses and eventually became untraceable. Further investigation revealed that six other investors had also fallen prey to the same fraudulent scheme.

According to the police, the supposed investment firm was bogus and had no official registration or SEBI approval.

A case has been registered at the Thane Police Station under the Indian Penal Code Sections 406 (criminal breach of trust), 420 (cheating and dishonestly inducing delivery of property), and under Section 3 of the Maharashtra Protection of Interest of Depositors (MPID) Act.