Five-member gang allegedly defrauds insurance officer of ₹34 lakh under the pretext of lucrative investments

A five-member gang has allegedly defrauded an insurance officer of approximately ₹34 lakh under the pretext of lucrative investments. The incident, which took place in the Malad area, has been reported to the police, and an investigation is underway.

A five-member gang has allegedly defrauded an insurance officer of ₹34 lakh by promising lucrative investments in Forex trading and cryptocurrency, police said today. The incident, which took place in the Malad area, has been reported to the police, who are investigating further.

The accused have been identified as Ravi Mahashet, Dilip Malp, Mohammad Rafiq, Rajeev Singh, and Abhishek Sahu. Malad police have registered a case of fraud against them and are preparing to issue summons for their interrogation.

According to sources, the accused used to roam around in high-profile areas like Andheri and Bandra in a luxurious car, luring multiple investors with promises of high returns through Forex trading and cryptocurrency investments. They allegedly operated a bogus company and managed to amass crores of rupees from unsuspecting victims. However, authorities suspect that the fraud amount may rise further as more victims come forward to report similar incidents.

The complainant, Rishikesh Junnarkar, a resident of the Magathane area in Borivali, works as an assistant manager in a private firm. Around four years ago, while working at his company's Malad branch, he met Dilip Malp. Over time, they developed a friendship, and Malp persuaded him to invest in Forex trading and cryptocurrency. Malp promised an 18% return on investment, which convinced Junnarkar to invest despite initial hesitation.

The accused took Junnarkar to their Goregaon office, where he met the other members of the gang. During discussions, they informed him that Forex trading was not officially recognized in India, so investments had to be made in cash. Believing their claims and having no experience with online trading, Junarkar began investing in the venture.

In total, Junarkar handed over approximately ₹34 lakh to the accused between December 2021 and March 2025. The accused created a login ID for Junarkar on a private investment portal, where he was shown fictitious profits. However, he was told that he could not withdraw funds for 20 months.

Later, when Junarkar’s father fell critically ill and required immediate medical attention, he applied for withdrawal of invested funds. However, the accused kept postponing it with various excuses, causing further financial stress on Junarkar. As a result, he was forced to cover medical expenses using his credit card, which led to an accumulation of debt and interest.

Due to limited income, Junarkar struggled to repay his credit card bills, and recovery agents began visiting his home and office, causing him severe mental stress. Finally, when he met one of the accused at a restaurant, he questioned them about the investment amount. To his surprise, the accused claimed that they had already returned the principal amount to all investors.

However, when Junarkar contacted other investors, he discovered that the accused had not refunded the investment amount to any investors. Instead, they had used a worthless virtual currency called "Prado" to deceive investors. Outraged by the fraud, Junarkar approached Malad police station and lodged a complaint against the accused.

After examining the complaint and verifying the claims, Malad police have registered a case against Ravi Mahashet, Dilip Malp, Mohammad Rafiq, Rajeev Singh, and Abhishek Sahu under relevant sections of the Indian Penal Code (IPC) for cheating, forgery, and criminal conspiracy.

Police are currently investigating the matter and preparing to issue summons to the accused for interrogation. Further arrests are expected as the investigation progresses.

Authorities have also urged other potential victims of similar scams to come forward and report the incidents to the police.