Cops launch manhunt for fraud who duped 21 investors of ₹3.90 crore

After discussing the scheme within the family, the Karles decided to proceed, investing ₹9.5 lakh between 2021 and 2022 in 13 instalments via NEFT and online transactions. Initially, they received interest payouts, but after a few months, the payments stopped, raising suspicions

Mumbai: The Mulund police have launched a manhunt to arrest Jitendra Yadav, a Sangli native, who allegedly defrauded 21 investors of ₹3.90 crore by luring them with promises of high returns through his firm, Capital Gain Financial Services. After collecting the money, Yadav allegedly disappeared, leaving investors in distress.

Cops launch manhunt for fraud who duped 21 investors of ₹3.90 crore

According to the police, the case came to light when Vaibhav Karle, 38, a resident of Ambernath, lodged a complaint against Yadav. Karle, along with his father, Shamsunder, and brother, Rohan, was introduced to Yadav through a common friend in October 2009. Yadav convinced Shamsunder to invest his savings in Capital Gain, promising lucrative returns.

After discussing the scheme within the family, the Karles decided to proceed, investing ₹9.5 lakh between 2021 and 2022 in 13 instalments via NEFT and online transactions. Initially, they received interest payouts, but after a few months, the payments stopped, raising suspicions.

As Karle investigated further, he discovered that several other investors had fallen victim to the same scam. Among them was a businessman who had invested ₹92.52 lakh and received only ₹11 lakh in returns. Another woman, who initially trusted the scheme after receiving ₹29 lakh on her ₹64 lakh investment, had encouraged another investor to put in ₹48.69 lakh, but she received only ₹6 lakh in return.

In total, 21 investors, mostly from Mumbai’s eastern suburbs, had put their money into Yadav’s firm. Some received initial payouts before the scheme collapsed, while others lost their entire investments. One businessman, identified as Mahajani, invested ₹12 lakh but never received a single rupee in return.

Following Karle’s complaint, the Mulund police registered an FIR and launched a search operation to track down Yadav. “We have deployed a team to locate and arrest the accused,” said Senior Inspector Ajay Joshi of Mulund police station.