Thane: Cops on Wednesday registered a case against two individuals accused of orchestrating a widespread investment scam that resulted in the misappropriation of over Rs 1.8 crore. According to the FIR, the primary suspects were identified as Sagar Subodh Kariwadekar and Sachin Balkrushna Rane. The duo reportedly lured victims by promoting fraudulent stock market investment schemes that promised exceptionally high financial returns. The activity occurred between Oct 15, 2021, and Oct 30, 2025, operating out of business premises located in Thane (W). The investigation began following a formal complaint by 41-year-old Samiksha Samir Gawde, a resident of Bhandup. While the complainant personally lost Rs 26 lakh, further enquiries revealed that at least 11 other investors were also defrauded by the scheme. The accused allegedly gained the trust of these investors before failing to return either the principal investments or the promised profits, leading the victims to seek legal recourse.
Police booked the accused under multiple sections of BNS, specifically Section 318(4) for cheating, Section 316(2) for criminal breach of trust, and Section 3(5) regarding acts done by several persons in furtherance of common intention. Due to the nature of the financial deception, charges were also applied under Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors Act, 1999.The case is currently being spearheaded by officials of the Economic Offences Wing in Thane City. Presently, the work is underway to determine if more victims were affected by this syndicate.
