Fraud – Mumbai Couple Arrested for Multi-Crore Investment Scam Case
Fraud – Mumbai Police have taken into custody a husband and wife accused of duping several individuals of crores of rupees through a fraudulent investment scheme in the Borivali area. Investigators say the couple allegedly convinced victims to invest in a business related to import-export licensing services, promising unusually high financial returns.
Arrest and Charges Filed
The accused, identified as Siddharth Khushal Poladia and Tejal Siddharth Poladia, were arrested after a formal complaint led to the registration of charges including cheating and criminal breach of trust. Officials from Kasturba Marg Police confirmed that both individuals are currently in custody as the probe continues. During questioning, the couple reportedly claimed that a portion of the funds had been diverted into illegal activities, a statement now under verification by authorities.
How the Scheme Was Presented
According to investigators, the couple operated a firm named Plabita International Private Limited. They promoted their business within their residential community, often speaking about profitable ventures in import-export licensing. Their claims of consistent earnings and business growth attracted interest from neighbors and acquaintances.
To build credibility, the accused allegedly encouraged small initial investments and ensured timely returns in the early stages. This approach created a sense of trust among investors, leading them to commit larger sums over time.
Victims and Investment Details
The complaint was filed by Hiren Shah, a Borivali resident engaged in the children’s clothing trade. Shah and his close business associates, including family members and fellow traders, became key investors in the scheme.
Investigators revealed that Shah’s wife initially invested a modest amount and received regular returns, which encouraged further investments. Over a period spanning April 2021 to May 2025, Shah and his wife reportedly invested around ₹1.4 crore.
Following Shah’s recommendation, several others joined in. Among them, Chirag Shah invested ₹73 lakh, Sachin Shah ₹85 lakh, and Minesh Shah ₹76 lakh. Additional investors, including Santosh Shukla, Nilesh Pandey, Hardik Lapasia, and Kartik Lapasia, collectively contributed substantial sums. Police estimate the total amount involved in the case to be approximately ₹6.71 crore.
Payments Stopped After Initial Returns
Authorities stated that the accused initially paid monthly returns to maintain investor confidence. However, payments reportedly stopped after August 2025. When questioned by investors, the couple allegedly offered repeated assurances but failed to return either the invested capital or promised profits.
As pressure mounted, some investors visited the couple’s residence seeking repayment. At this stage, the accused are said to have issued threats and made claims that the funds had been used in unlawful activities, further alarming the victims.
Police Investigation and Next Steps
Following multiple complaints, Kasturba Marg Police registered a case and initiated an investigation, leading to the arrest of the accused. Both were produced before a court, which granted police custody for further questioning.
Investigators suspect that the total amount involved could be higher than currently reported. Authorities have appealed to anyone who may have been affected by the scheme to come forward and assist in the investigation.
Officials emphasized that cases involving promises of unusually high returns should be approached with caution. They also highlighted the importance of verifying the legitimacy of financial ventures before investing large sums.
Wider Concerns Around Investment Frauds
The case has once again drawn attention to the growing number of financial frauds targeting individuals through informal networks and personal connections. Experts note that fraudsters often exploit trust within communities to expand their reach.
Police officials reiterated their commitment to uncovering the full extent of the alleged scam and ensuring accountability. They also advised citizens to remain vigilant and report suspicious investment schemes promptly.