A Mulund-based businessman and possibly other investors have alleged that they have been cheated of nearly Rs 13 crore after investing in a stock market scheme that allegedly promised fixed monthly returns. Based on the complaint, the Mulund police have registered an FIR under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Banning of Unregulated Deposit Schemes Act, 2019. The scale and nature of the alleged financial irregularities prompted transfer of the case to the Economic Offences Wing (EOW).

According to the FIR, the 43-year-old Mulund businessman said the accused assured him and others a 4.5 per cent monthly return through stock market trading. He told police that the accused executed Memorandum of Understanding (MOUs), issued post-dated cheques and shared WhatsApp messages showing purported trading profits, which allegedly convinced investors that the scheme was legitimate.