The Odhav police have cracked a massive Ponzi scam led by glamorous conwoman Sweety Shah, who, along with her brother Prateek Shah and accomplice, allegedly defrauded over 5,000 investors across India of more than Rs12.5 crore. The fraudulent network stretched across multiple states and extended to Dubai.
Sweety, known for her high-end beauty salon in Paldi and her Instagram presence boasting 34,000 followers under “Sweety Shah Makeover – International Makeup and Hair Artist,” used her charm and lavish lifestyle to attract victims.
The scam unraveled after a complaint by Arvind Patel, a factory owner from Naroda, who was introduced to Sweety through his factory manager Janvi Joshi, a friend of Sweety. Patel and Joshi invested Rs10 lakh based on promises of 6% monthly returns and exclusive access to an IPO via a company called N Life Capture LLP, part of the alleged Quick Start 24 Group. The siblings claimed involvement in stock investments, real estate, filmmaking, and retail chains boasting plans for over 150 malls nationwide.
Upon investigation, Sweety was arrested swiftly, but her brother Prateek and Dubai-based associate Harshil fled. A lookout circular has been issued for them. Police also uncovered multiple prior cheating cases against Sweety in Maharashtra.
Authorities revealed a web of suspicious companies, many believed to be shell firms, operating in states including Gujarat, Maharashtra, West Bengal, Odisha, and even Dubai. They promised investors returns as high as 36.55%.
Police suspect that Sweety’s beauty salon was a front to lure women investors and are investigating whether her clients were manipulated into investing. The siblings employed high-profile lawyers for legal cover, some of whom were also reportedly defrauded.
The scale of this scam has prompted police to expand their probe into financial records and investor transactions to bring all culprits to justice.
