The MIDC Police have registered a case against a Mumbai-based car designer for allegedly cheating the director of an EV technology company of ₹53 lakh in a complex financial fraud involving emotional manipulation, business restructuring claims and disputed investments. The FIR was filed on June 15, 2026, following a complaint by Jayesh Thakkar, director of Mercury EV-Tech Limited and co-promoter of Mercury Cars Pvt Ltd.
According to the complaint, the accused allegedly built trust with the complainant through emotional storytelling, including claims that both his children had died due to COVID-19, which was used to gain sympathy and establish credibility. Investigators say this emotional appeal played a key role in drawing the complainant into a business association that later turned controversial.
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The complainant stated that the accused first approached him with assurances that he had the technical capability and infrastructure to develop two electric vehicle models. In August 2024, Thakkar reportedly sent a vehicle for modification to the designer’s workshop in Pune, accompanied by his manager Mohammed Shanu and driver Ali Mohammed. During this period, communication between the two sides intensified, eventually leading to a meeting at a Juhu hotel on September 1, 2024.
Following multiple discussions, the accused allegedly proposed restructuring the business under a proprietary firm registered in the name of his daughter-in-law, citing technical constraints. Since the complainant’s company was already a registered corporate entity, the accused reportedly suggested forming a new company structure to facilitate the takeover and operations. Based on these assurances, a memorandum of understanding (MoU) was later signed between both parties on June 27.
As per the agreement cited in the complaint, the accused was to manage all operations as an authorised representative and was to receive a monthly remuneration. Initially, the payment was fixed at ₹10 lakh per month, which was later proposed to increase to ₹15 lakh per month after three months. Additionally, the complainant was allegedly persuaded to invest a total of ₹2.5 crore to acquire full control over the business arrangement linked to the designer’s associate firm.
However, the situation reportedly turned suspicious when discrepancies were noticed in financial transactions and operational transparency. The complainant alleged that payments for certain vehicle modification works were not being deposited into the company’s official accounts. Further scrutiny allegedly revealed that multiple legal proceedings were already pending against the accused in different courts.
Police sources said the complainant later discovered that enforcement agencies, including the Enforcement Directorate (ED), had previously taken action in related matters involving the accused, raising further doubts about the legitimacy of the business dealings. These developments prompted a deeper financial review of transactions linked to the agreement.
The complaint further alleges that in March 2025, two four-wheeler vehicles were brought in for modification work, and the total billing amounting to ₹1.77 crore was not deposited into the company’s official bank account. Instead, a portion of the funds was allegedly received in cash, while ₹53 lakh was transferred directly into the designer’s personal bank accounts.
MIDC Police officials confirmed that an FIR has been registered and an investigation is underway. Authorities are currently examining bank records, contractual documents, and communication exchanges between the parties to establish the flow of funds and determine whether there was a premeditated pattern of fraud.
Police also stated that no arrests have been made so far. The investigation is expected to focus on financial trail analysis and verification of corporate agreements, including the MoU and related investment documents.
Officials added that the case involves complex financial structuring and alleged misuse of trust-based business negotiations. Further questioning of involved individuals and scrutiny of digital and banking evidence is ongoing.
The case has drawn attention due to its mix of emotional manipulation, high-value financial transactions, and corporate restructuring claims, highlighting increasing concerns over frauds in emerging EV and startup-linked business collaborations.
Investigation is continuing.
