In a significant crackdown, the Economic Offences Wing (EOW) of the Navi Mumbai crime branch has dismantled a gang that allegedly defrauded around 20 individuals of Rs3 crore by promising substantial returns on investments. Two suspects, Umesh Kantibhai Patel and Vishal Ravani, have been arrested, while authorities continue their search for additional accomplices.
The scheme reportedly originated in Gujarat in 2012, with the overall fraudulent amount potentially reaching as high as Rs300 crore. The investigation was prompted by a complaint from a 42-year-old homemaker from Sanpada, who, alongside a friend, lost Rs1.5 crore after investing in what they believed was a legitimate investment opportunity.
The complainant had initially met Kunal Devda, an employee at an investment firm, who later approached her with a proposal to invest in a new venture he was starting with partners Patel and Ravani. An event in 2021 introduced lucrative schemes offering returns of 15%, later increased to 50%.
Desperate for higher returns, the complainant sold her mother’s property, while her friend liquidated gold jewelry. Even police constables from Kalamboli fell victim to this scheme, leading to additional complaints.
Authorities believe that Patel’s fraudulent activities date back to 2012, and the scale of the scam could be much larger than initially reported. The case has been filed under multiple sections of the Indian Penal Code, the Prize Chits and Money Circulation Schemes (Banking) Act, and other relevant financial legislation.
