58-year-old Air India captain, Deepak D, a resident of Powai, was allegedly cheated of Rs 2.94 crore in a share market investment scam orchestrated by Ajay Palith. The fraud reportedly began in 2014, when Palith introduced himself as a representative of a reputed firm, ABML, and promised high returns on investments.
Deepak, who had limited knowledge of the stock market, entrusted Palith with a power of attorney, allowing him to manage investments on his behalf. Between 2014 and 2025, Deepak invested Rs 2.91 crore, receiving capital gains reports and updates from Palith that appeared legitimate. Based on these reports, Deepak even paid Rs 3.44 lakh in income tax through his chartered accountant (CA).
In 2023, discrepancies were noticed between the capital gains reports and the annual information statement. When Deepak confronted Palith, he allegedly provided revised reports to cover the irregularities. Investigations later revealed that Deepak’s registered email ID had been changed in 2022 without his consent and the capital gains reports were fake.
Realising he had been defrauded, Deepak lodged a complaint with Powai police on January 16, under the Bharatiya Nyaya Sanhita (BNS), prompting an official investigation into the multi-crore share market scam.
