Brothers booked for duping investors of ₹2.92 crore

Between November 2023 and December 2025, the brothers lured a 46-year-old Hingoli farmer and several others with guarantees of quick profits, convincing them to invest large sums, collectively amounting to ₹2.92 crore

Navi Mumbai: Two brothers from Ulwe were booked on Tuesday for allegedly cheating multiple investors of ₹2.92 crore through fraudulent stock market schemes and a proposed food delivery app promising unusually high returns.

Brothers booked for duping investors of ₹2.92 crore

According to the police, the duo, residents of Sector 23, Ulwe, ran a financial services firm from an office set up in Sector 30A, Sanpada. Between November 2023 and December 2025, the brothers lured a 46-year-old Hingoli farmer and several others with guarantees of quick profits, convincing them to invest large sums, collectively amounting to ₹2.92 crore. They failed to return either the promised returns or the capital, and also stopped answering the victims’ calls or messages.

Realising that he had been cheated, the farmer approached the police on Tuesday, after which a case was registered with the Economic Offences Wing (EOW) under Sections 316(5) (breach of trust), 316(2) (criminal breach of trust), 318(4) (cheating) and 3(5) (common intention) of the Bharatiya Nyaya Sanhita, along with the Maharashtra Protection of Interest of Depositors (MPID) Act, invoked in large-scale financial frauds.

The police are tracing the financial trail, identifying other victims and examining digital records of the firm. They are also verifying whether the app and stock market schemes actually existed.

In a separate case, the Koparkhairane Police booked a 52-year-old Ghansoli businessman for allegedly cheating a couple of ₹1.88 crore between April 2024 and October 2025. He had promised high investment returns and gold at discounted rates, but neither materialised.