Sixty-eight investors have alleged losing ₹7.09 crore in a Dombivli investment scheme that promised attractive returns, with police registering a fresh case against six people linked to the company.
The complaint concerns Progain Rental and Marketing Services Private Limited, which allegedly collected money through investment plans before failing to return the promised interest or principal. The case was registered at Ramnagar police station in Dombivli on September 6, 2026.
The accused named in the complaint are Sanjay Nar, Prashant Jagdish Angane, Pallavi Angane, Laxman Yadav, Jitu Gala and Priya Vishwakarma. Police are examining their respective roles, the money collected and the company’s financial transactions.
The case has a significant earlier connection. Police say Angane had previously been arrested in another investment-fraud case and later released on bail. The new allegations concern a different company.
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A Street-Food Vendor’s Investment Became a Years-Long Wait
One of the complainants is Rupesh Saigaonkar, a street-food vendor from Malad in Mumbai.
According to the complaint described by Loksatta, Saigaonkar was looking to purchase a life insurance policy in 2018 when he was introduced to Prashant Angane through an acquaintance. Angane was allegedly associated with Konkan Smart Share Broker, and Saigaonkar was directed to its Kandivali branch.
He initially invested ₹5,000 and later paid ₹3 lakh through cheques. The complaint alleges that he was promised five per cent interest and approximately ₹1.05 lakh after six months.
When the promised period ended, Saigaonkar allegedly received another assurance that payment would be made after 45 days. Further delays followed.
He also alleged that he was made to sign a notarised document treating the money as a personal loan to Angane. Later, the Kandivali office reportedly shut down, and his attempts to recover the investment through the Bhandup office did not succeed.
New Company Allegedly Promised to Return Old Money
The complaint describes how the earlier investment problem allegedly carried into a new arrangement.
In 2023, Saigaonkar reportedly received an email stating that the earlier company had remained closed for six months and that only three months’ interest would be paid.
He subsequently learned of a police case against Angane and his arrest. After Angane was released on bail, Saigaonkar allegedly met him again in Dombivli.
According to the complaint, Angane assured him that a new company would be started and that the earlier investment would be returned with additional returns within a fixed period.
Saigaonkar alleged that ₹5.37 lakh of his earlier money remained stuck and that he was promised returns over 22 months. He subsequently issued another cheque for ₹80,550, but the promised repayment allegedly did not materialise.
These details are based on the complainant’s account and have not been established by a court.
Earlier Case Involved 52 Investors and ₹2.77 Crore
The latest FIR is not the first investment-fraud allegation involving Angane.
Dombivli police senior inspector Amarnath Waghmode told Times of India that Angane had previously been arrested in a case involving another company. He was later released on bail.
The earlier case, registered by Mumbai’s Economic Offences Wing, involved allegations that 52 investors were cheated of approximately ₹2.77 crore through a company reported as Concunsmart Shares and Stock Broker Private Limited.
Police have now described the Progain complaint as a separate matter. The earlier case does not establish guilt in the new investigation, but it is relevant to examining whether investors were persuaded to move money into a fresh business after earlier repayments failed.
How High-Return Investment Schemes Can Trap Investors
The alleged mechanism is straightforward.
An operator offers returns that appear attractive compared with ordinary savings products. Investors transfer money believing it will be deployed in a legitimate business or investment activity.
When the payment date arrives, the operator may ask for more time, offer a revised plan or promise that a new arrangement will recover the original investment.
The risk increases when investors put in additional money to rescue funds that are already stuck.
A notarised loan document, cheque or company registration can create an appearance of legitimacy. None of these, by itself, proves that an investment scheme is financially sound or that the promised returns can be paid.
Investigators will need to determine whether the companies conducted genuine business, how investor funds were used and whether new deposits were used to meet earlier obligations. The available evidence does not yet establish that the alleged scheme operated as a Ponzi arrangement.
What Is the MPID Act and Can Investors Recover Money?
Police have reportedly invoked the Maharashtra Protection of Interest of Depositors Act, commonly known as the MPID Act.
The law is intended to protect depositors in financial establishments that fraudulently default on repayments. It provides a framework for action against responsible persons and for attaching property in appropriate cases so that money may eventually be recovered for depositors through the prescribed legal process.
An FIR under the Act does not automatically mean that investors will receive their money back. Recovery depends on tracing assets, establishing the legal claims and completing the necessary proceedings.
The investigation will also examine the company’s bank accounts, receipts, investment agreements and the movement of funds between individuals and entities.
Police Say Victim Count Could Rise
Investigation officer Ramsingh Goud told Times of India that individual investments in the current case ranged from ₹60,000 to ₹76 lakh. Police said the number of complainants and the total amount could increase as more people come forward.
The current reported loss remains approximately ₹7.09 crore involving 68 investors.
Police have urged other people who invested with the company and suffered losses to approach them. No fresh arrest in the Progain case has been confirmed in the available reporting.
The allegations against the six accused remain subject to investigation and judicial determination.
What this means for you: If an investment company delays repayment and asks you to put in more money to recover your original deposit, stop making further payments. Preserve agreements, receipts, bank statements, cheques and messages, and verify the entity’s regulatory status. Affected investors in this case should approach Ramnagar police with their documentation. For cyber-enabled financial fraud, report immediately through 1930 or cybercrime.gov.in.
The420 Insight: The most concerning feature is the allegation that investors were offered a new company arrangement after earlier money remained unpaid. Investigators should examine whether the businesses had genuine revenue, whether funds moved between related entities and whether later deposits were used to satisfy older obligations. The earlier police case makes timely scrutiny particularly important. For investors, the lesson is that a fresh company name or repayment promise does not remove the risk attached to an unresolved investment.
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