Mumbai: An alleged ₹8 crore fraud orchestrated from inside Byculla Jail has come to light in Mumbai, with the Economic Offences Wing (EOW) booking alleged ‘fixer’ Hiten alias Romi Bhagat and his associate Akash Gupta for allegedly cheating BWW Global Pvt Ltd of ₹7.99 crore and threatening the complainant.
Bhagat allegedly promised to help settle the company’s GST liability of around ₹11 crore and continued directing financial transactions even after being lodged in jail.
The case was registered on the complaint of Amit Tipnis, a former country manager of the company. According to the police, the company’s operations were shut down during the Covid-19 pandemic in 2020, after which its financial liabilities began to increase. A company official, Sachin Adhikari, allegedly held Tipnis responsible for a GST liability of around ₹11 crore.
In September 2023, Tipnis met Bhagat through a lawyer. Police said Bhagat initially advised him to file a case against the company official in Assam, where the company was headquartered. Tipnis followed the advice and filed the case. Bhagat subsequently allegedly assured him that he could help settle the outstanding GST liability.
However, Bhagat was arrested in another case in January 2024 and lodged in Byculla Jail. Police allege that he continued communicating with Tipnis even while in custody. Bhagat allegedly asked Tipnis to meet him at Byculla Jail and assured him that he would be released soon. He then allegedly instructed Tipnis to immediately transfer money to bank accounts provided by him for settling the GST liability.
Proposal for Conducting Cyber Crisis Drill, Tabletop Exercise (TTEx) & CCMP Readiness Exercise
According to the investigation, Akash Gupta allegedly reinforced Bhagat’s instructions and directed Tipnis to transfer money into multiple bank accounts. Gupta also allegedly threatened Tipnis by claiming that his contacts in the GST department could be used to freeze the complainant’s bank accounts. The complaint states that some accounts were subsequently frozen, increasing pressure on Tipnis.
Police said Tipnis eventually transferred around ₹8 crore to various bank accounts provided by Gupta. During the process, he was also introduced to a chartered accountant who allegedly assured him that he would help resolve the GST issue. However, Bhagat and Gupta allegedly stopped answering his calls later and also threatened him.
After no concrete action was taken to settle the GST liability despite the large payments, Tipnis realised that he may have been defrauded. He then approached the police and filed a complaint. The EOW is now examining the bank accounts and transactions through which the money was allegedly transferred.
According to the police, Bhagat had previously figured in a Crime Branch investigation. In 2024, officers allegedly recovered several documents linked to the Enforcement Directorate and three automatic weapons from his residence during a search.
The EOW has booked Hiten Bhagat and Akash Gupta under Section 318 of the Bharatiya Nyaya Sanhita, 2023, relating to cheating, and Section 351, relating to criminal intimidation. Investigators are now tracing the flow of the alleged ₹7.99 crore fraud, examining the role of other individuals and verifying whether any genuine effort was made to settle the company’s GST liability.
Follow the Centre for Police Technology on LinkedIn to stay updated on the latest developments in policing, cybersecurity, digital forensics, investigations, fraud risk management, and technology-driven public safety.
https://www.linkedin.com/company/policetechnology/
