THANE (27 February 2026) — The Thane police have registered a criminal case against two men for allegedly defrauding 12 investors of 1.78 crore rupees through a fraudulent share market investment scheme. The accused lured victims with promises of exceptionally high returns over a period of four years. Following a formal complaint by a resident of Bhandup, Mumbai, authorities have invoked stringent provisions of the Bharatiya Nyaya Sanhita (BNS) and the Maharashtra Protection of Interest of Depositors (MPID) Act.
Modus Operandi of the Investment Scam
The accused, identified as Sagar Subodh Karivadekar, a resident of Sindhudurg, and Sachin Balkrishna Rane, a resident of Thane, allegedly operated an unverified investment platform. Between 15 October 2021 and 30 December 2025, the duo persuaded individuals to deposit significant sums, claiming the funds would be invested in the equity market to generate lucrative profits.
According to the police official at the Naupada police station:
- The Pitch: Investors were promised fixed, high-percentage monthly returns that far exceeded standard market performance.
- Initial Payouts: To build credibility, the accused reportedly provided small, timely returns to early investors, encouraging them to increase their stakes and refer others.
- The Default: Payments ceased entirely in late 2025. When the investors demanded their principal amounts, the accused allegedly provided evasive responses before becoming untraceable.
Legal Action and Charges
The First Information Report (FIR) was registered after a woman from Bhandup realised that her family’s life savings had been misappropriated. Upon further investigation, the police identified 11 other victims who had been duped in a similar manner, bringing the total documented loss to 1.78 crore rupees.
The accused have been booked under the following legal provisions:
- Section 318(4) of the BNS: Dealing with cheating and dishonestly inducing delivery of property.
- Section 316(2) of the BNS: Pertaining to criminal breach of trust.
- MPID Act: Special legislation in Maharashtra designed to protect the interests of depositors in financial establishments.
Ongoing Investigation
The Economic Offences Wing (EOW) of the Thane police is currently tracking the financial trail to determine if the stolen funds were diverted into real estate or other shell entities. No arrests have been made as of Friday morning, but look-out notices are expected to be issued for Karivadekar and Rane to prevent them from leaving the state.
Authorities have urged other citizens who may have invested in schemes operated by the duo to come forward and record their statements at the Naupada police station.
Sources
- Press Trust of India (PTI): “Two booked for duping investors of Rs 1.78 crore in bogus share scheme in Thane” (27 February 2026)
- The Times of India: “Thane: 12 people cheated of ₹1.78 cr in fake share market investment” (27 February 2026)
- Mid-Day: “Mumbai woman files FIR against duo for ₹1.78 crore investment fraud” (27 February 2026)
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