Raigad, Maharashtra: The Rasayani police arrested Sanganika Mankame (52), accused of cheating 40 investors to the tune of Rs1.16 crore through a chit fund scheme promising a 5% return on investments. The investors had been depositing money in her organization since 2017.
The scam came to light following a complaint filed by Suresh Mhatre (61), a villager from Pisarve near Taloja. Mhatre intended to invest part of the money he earned from selling land and was referred to the chit fund by his married daughter, who lives in Khalapur taluka. Mhatre invested Rs8 lakh but only received a meager refund of Rs11,000.
Mankame, a resident of Mohopada, allegedly defaulted on paying returns, prompting investors to lodge formal complaints. Police investigations, including a thorough scan of bank accounts, confirmed the fraudulent activities.
The investors had contributed amounts ranging from Rs25,000 to Rs8 lakh. To attract more investors, Mankame falsely claimed the money was invested in venture capital (VC) for better returns.
Advocate Rajendra Madhavi, representing some victims, stated, “The accused has cheated others in the past, and more victims may come forward.”
Assistant Police Inspector Pramod Jadhav added, “Mankame was using new investors’ money to pay off earlier ones, running the operation from her home.”
A local court in Khalapur remanded Mankame to three days police custody. She has been booked under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and Maharashtra Protection of Interest of Depositors (MPID) Act.
