Mumbai News: Couple Booked For Cheating 11 Investors Of Over ₹1.2 Crore In Stock Market Scam

The Vakola police have booked a couple for allegedly cheating nearly 11 people of several lakhs by promising high returns on share market investments. According to FIR, Dhawal Kakkad, 28, and his wife, Sanjana, made the aggrieved invest a total of Rs1.20 crore. While they returned some amount to a few investors, Rs70.86 lakh remains unpaid.

A businessman, Yogesh Bhanushali, 43, filed a complaint against the couple, following which the police registered the case on April 24. Bhanushali, a shoe trader from Sakinaka, Andheri East, said that came in contact with Dhawal around eight years ago. At the time, the latter was working with HDFC Bank and resided in Borivali West.

A few years ago, the accused claimed he was also involved in share market trading, said Bhanushali, alleging that he offered good profits on investing through him. In December 2023, Dhawal said that he and his wife were now jointly involved in stock market trading, said the complainant, adding that he once again made an investment offer.

According to Bhanushali, he agreed and upon his suggestion, eight of his acquaintances also transferred funds to him. The total amount was then forwarded to Dhawal's HDFC Bank account, said FIR.

Initially, the accused returned Rs51.61 lakh and encouraged Bhanushali along with his friends and relatives to invest more money, it added. The latter said that he and his social circle invested a total of Rs1.2 crore, however, Kakkad only returned Rs49.28 lakh.

The Vakola police have registered a case against the couple under sections 406 (criminal breach of trust) and 420 (cheating and dishonesty) of Bharatiya Nyaya Sanhita along with the Maharashtra Protection of Interest of Depositors Act.