Two Bandra businessmen cheat 166 investors of Rs. 30 crore, arrested

The duo’s relative has claimed that their uncle, Manohar Agicha, is the main culprit and the two are not involved in the fraud.

The Economics Offences Wing (EOW) of the Mumbai Police on Friday arrested two cousins from Bandra for allegedly cheating 166 people of Rs. 30 crore. Gautam Prakash Agicha, 31, and his cousin Abhishekh Satish Agicha, 30, are proprietors of Greenwood and Woodtech firms, in Mazagaon. They took money from 166 people as investments for their firms and promised annual returns with 15% interest. However, when the duo failed to return the money after two years, investors approached the police.

According to Bhatia’s complaint, the accused diverted the investors’ money to their other firms – Kings Lumber Pvt Ltd, Starwood LLP, Market Ace LLP, Superbuilt Project LLP and Sparlin Global. (HT FILE)

The duo’s relative has claimed that their uncle, Manohar Agicha, is the main culprit and the two are not involved in the fraud. Textile businessman Kamal Bhatia, one of the investors, told the police that in February 2015, his friend told him that Gautam and Abhishekh, who belong to a prominent family, were expanding their plywood and timber business through their two propriety firms in Mazagaon.

Bhatia was told that the duo had promised investors returns of 1.25% monthly. Bhatia then contacted Manohar to verify about their business. “Their uncle told me that the business will generate good profit,” Bhatia said. Bhatia then invested ₹2.30 crore in both firms. Till June 2017, he received the monthly interest regularly. But after that, Bhatia stopped getting the return.

Despite their assurances, Bhatia did not get the returns. He then discovered that there were hundreds of other investors who did not get the money, the police said. Gautam and Abhishekh have been charged under relevant sections of the Indian Penal Code (IPC), Maharashtra Protection of Interests of Depositors (MPID) Act and Prize Chits and Money Circulation Schemes (Banning) Act, 1978.

Deputy commissioner of Police (EOW) Parag Manere confirmed the development. Inspector Kailash Chavan of EOW MPID unit said, “The two accused were arrested from their Bandra home for their alleged involvement in ₹30-crore fraud in which they duped more than 160 investors. The court has remanded them in police custody till August 29.”

According to Bhatia’s complaint, the accused diverted the investors’ money to their other firms – Kings Lumber Pvt Ltd, Starwood LLP, Market Ace LLP, Superbuilt Project LLP and Sparlin Global. However, the police are yet to verify these allegations.