Wednesday | Jun 11 2025 | 09:05:39 AM
New Delhi, August 21
The Economic Offences Wing (EOW) of Mumbai police registered an investment fraud case against the chief executive officer and directors of a Powai–based Shri Mahakali cooperative credit society, for allegedly duping 60 investors of about Rs 6.5 crore.
The police suspect that more than a 1,000 people may have been cheated of upto Rs 200 crores.
The EOW has booked Ritesh Panchal (CEO), Sandeep Manjarekar, Sunil Mule, and other directors of Shri Mahakali group of companies.
The case was registered by Chandivali resident Smita Rane, who runs a coaching class business. As per Rane’s complaint, the accused lured people into investing money in various companies under the Shri Mahakali group of companies to earn high returns in a short period.
“The accused promised investors a return of three times the investment in a short span of 10 months under the scheme ‘The Magic 3 X’. However, when the period matured, the accused bought more time on some or the other pretext and delayed repayment and later they paid no returns to the investors.
The police stated that Rane and her close relatives, friends and others who invested, comprise a group of 50–60 people who were duped of Rs 6.5 crore between April 19–2022 and August 10–2023. Investors registered as victims in the case come from all walks of life, including farmers. The accused would hold seminars and target he poor, the middle class and the high class, by floating schemes suitable to the section.
Panchal was earlier arrested last year in Thane after an investor filed a complaint. After spending four months in prison, he got out on bail in December 2022.
