A major organized fraud racket involving investments in film production and forex trading has been busted, with investigators alleging that nearly ₹31 crore was siphoned off from hundreds of investors across the country. In a significant breakthrough, the Economic Offences Wing (EOW) has arrested the alleged mastermind couple from Mumbai, and a court has remanded them to four days of police custody for interrogation.
Modus operandi: promises, early payouts and credibility tactics
The arrested accused have been identified as Himanshu Sharma and his wife. According to investigators, the duo ran a systematic investment fraud scheme promising assured returns of 3% per month, convincing victims that their money was safe and would multiply within a short period. Police said the network operated across multiple states and targeted middle-class investors looking for high returns.
Officials stated that the accused lured people into investing under the pretext of forex trading and film production projects. They allegedly presented these sectors as highly profitable and low-risk opportunities, persuading victims to invest their life savings. Many investors reportedly fell into the trap due to the promise of unusually high and guaranteed returns.
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During the investigation, it was revealed that Himanshu Sharma allegedly built credibility by claiming his brother was connected to the Mumbai film industry as an actor named Divyanshu Sharma. This claimed “film industry link” was repeatedly used to convince investors that their funds were being deployed in legitimate film projects with high profit potential.
Corporate cover and rapid expansion
The fraud is believed to have started in 2019. In its initial phase, the accused reportedly paid returns to early investors on time, creating an illusion of legitimacy and trust. As confidence grew, victims began recommending the scheme to friends and relatives, allowing the network to expand rapidly and attract large sums of money.
In 2020, the accused formalized their operations by registering a company named “M/s Currency Consultant Private Limited” and opening an office in Nehru Place, Delhi. Under this corporate cover, they expanded their investor base across different regions, collecting crores of rupees through coordinated marketing and investment pitches.
The case came to light after Amit, a resident of Sector-88 in Faridabad, filed a police complaint alleging that Himanshu Sharma was operating a fake institution under the name “Forex Education Institute” and cheating multiple investors under the guise of financial training and forex investment schemes. Following the complaint, a detailed investigation was launched, gradually uncovering the larger fraud network.
Police further found that once investors started demanding their principal amount and promised returns, the accused stopped responding and allegedly fled with their family. In May 2023, they suddenly shut down their offices and residences in Delhi and Faridabad and went underground.
After months of tracking, investigators received intelligence that the couple was hiding in Mumbai under false identities. Acting on this input, the EOW team conducted a raid on May 19 and successfully arrested both accused. They were later brought to Faridabad on transit remand.
Investigation focus and recovery efforts
Officials confirmed that the ongoing investigation is now focused on tracing bank accounts, money trails, and identifying other possible accomplices involved in the network. Authorities suspect that several associates may have played supporting roles in routing and laundering the funds collected from investors.
Police added that efforts are underway to recover the defrauded money and map the full extent of the syndicate. The interrogation of the accused is continuing, with investigators hoping to uncover further details about how the racket operated and how widely the fraudulent scheme was spread.
