Mumbai Investment Scam: Businesswoman and Friends Allegedly Cheated by Prominent Investor

A man named Prajwal Pramit Shah is accused of defrauding a businesswoman and her friends of over Rs 95 lakh by promising high returns on investments. Initially gaining their trust with timely returns on small amounts, he later tricked them into a larger stock market scheme. Further investigations are ongoing.

A case has emerged in Mumbai where a man, Prajwal Pramit Shah, allegedly deceived a businesswoman and her four friends, falsely promising lucrative returns on investments. According to a police official from the Gamdevi station, Shah has been charged following the complaint filed on Wednesday.

The businesswoman first interacted with Shah in 2018. To gain her confidence, he initially borrowed sums of Rs 10,000, Rs 25,000, and Rs 1.10 lakh and returned them promptly. This led her to invest in a stock market scheme he proposed, claiming it would yield significant profits. Subsequently, she and her four associates invested Rs 91 lakh between 2019 and 2021.

However, Shah stopped providing any returns. When the victims sought their money back, he made excuses and manipulated them into giving an additional Rs 30 lakh, claiming his mother needed medical treatment for cancer. Cheques he issued for Rs 98 lakh and Rs 32 lakh bounced. While Rs 14.8 lakh has been reimbursed, Rs 96.2 lakh remains outstanding with investigations continuing.

(With inputs from agencies.)