Dongri police have registered an FIR against alleged cricket bookie Mehul Jain and his relatives for allegedly cheating a Mumbai-based businessman of ₹8.3 crore on the pretext of selling a metal manufacturing company and securing government subsidies linked to the proposed transaction.
The case was registered last week following a complaint by the businessman, who alleged that he was induced to invest a substantial amount after being promised ownership of a functioning metal manufacturing unit along with assured government incentives.
Besides Mehul Jain, the FIR names Dilip Jain, Kamlesh Jain and Varsha Patwari, all associated with Kapro Metals and Alloys, as co-accused in the case. The accused have been booked on charges related to cheating and criminal conspiracy under relevant sections of the Indian Penal Code.
Promise of company sale and subsidy
According to the complaint, the accused approached the businessman with an offer to sell a metal manufacturing company, claiming that the unit was operational, financially viable and eligible for multiple government subsidies. They allegedly assured the complainant that the investment would be secure and profitable, citing documents and representations to support their claims.
Police said the complainant transferred money in multiple tranches, amounting to ₹8.3 crore, believing that the transaction would be completed and the promised benefits would follow.
However, after the payments were made, the complainant allegedly discovered that the claims regarding the company’s sale, assets and subsidy eligibility were misleading. Despite repeated follow-ups, the accused allegedly failed to hand over ownership or refund the money, prompting the businessman to approach the police.
Allegations of deception
Preliminary inquiry suggests that the accused may have misrepresented the status and valuation of the company and falsely projected the availability of government subsidies to gain the complainant’s confidence.
Police officials said they are examining financial records, bank transactions and company documents to ascertain how the funds were utilised and whether similar inducements were made to other investors.
Investigators are also probing the role of each accused in the alleged conspiracy and whether proceeds of the offence were diverted for personal use.
Investigation underway
Dongri police said notices would be issued to the accused for questioning as part of the investigation. Further sections may be added based on findings related to forgery, diversion of funds or additional financial irregularities.
“The allegations point to a well-planned financial deception involving a large sum of money. We are verifying all documents related to the company, the promised transaction and the claimed subsidies,” a police officer said.
The case adds to a growing list of fraud complaints in Mumbai involving high-value business deals where investors are allegedly misled through false assurances of assets, approvals or government benefits.
Police said the investigation is at a preliminary stage and further action will follow based on evidence collected.
