The Mumbai Economic Offences Wing (EOW) has filed a chargesheet before a special court against Dipen Thanawala and his father Rashmikant Thanawala in connection with an alleged ₹2.27 crore investment fraud. Investigators allege that the father-son duo collected money from investors by promising assured monthly returns and investments in pre-IPO shares. When investors sought refunds, the accused allegedly used artificial intelligence (AI)-based tools to fabricate Dubai bank transfer records, forged emails and cloned banking interfaces to falsely convince investors that their money was about to be remitted.
According to the investigating agency, the chargesheet has been filed under the Maharashtra Protection of Interest of Depositors (MPID) Act. Investigators allege that through Thanawala Wealth Management, investors were promised a guaranteed monthly return of 2% before being persuaded to invest in pre-IPO shares of companies including the National Stock Exchange (NSE), Vikram Solar, and others. Police claim that while some initial returns were allegedly paid, payments stopped in 2025 and the promised shares were never transferred to investors.
According to the EOW, when investors demanded repayment, Dipen Thanawala allegedly circulated fabricated First Abu Dhabi Bank (FAB) transfer advice, forged emails and screenshots showing purported remittances from Dubai. Investigators allege that AI-based software was used to generate cloned banking interfaces that appeared genuine. Police further claim that the fabricated electronic records were later deleted after being circulated through WhatsApp groups, leading investigators to invoke provisions relating to the destruction of electronic evidence.
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During forensic examination of a seized laptop, investigators allegedly discovered a previously undisclosed Canara Bank account statement showing a closing balance of approximately ₹8 crore as of December 31, 2025. Police allege that the accused disclosed transactions amounting to around ₹1.95 crore, whereas statements provided by investors indicate collections of approximately ₹2.27 crore, leaving an unexplained difference of nearly ₹32 lakh. Investigators are examining the source and utilisation of the undisclosed funds as part of the ongoing probe.
Police further allege that multiple forged screenshots of overseas remittances were circulated through WhatsApp groups. These allegedly included fabricated transfer records showing credits of approximately 2 million UAE dirhams, along with separate transfers of AED 400,000 and AED 420,000. Verification conducted by investigators reportedly found no evidence of such remittances. During interrogation, the EOW claims that Dipen Thanawala admitted investor funds had been used for Futures and Options (F&O) trading through online brokerage platforms, resulting in substantial financial losses. Police have seized two laptops and a mobile phone, and the digital evidence has been sent for forensic examination.
Separately, a group of complainants has submitted a representation to the Mumbai Police Commissioner alleging that the overall investment fraud may exceed ₹150 crore and involve more than 50 investors. They have sought a wider investigation into the alleged money trail, possible overseas assets, and the identification of additional victims who may have been affected by the scheme.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said that AI-generated forged documents, cloned banking interfaces and manipulation of digital evidence are making financial fraud schemes increasingly sophisticated. He advised investors to independently verify any claims relating to overseas remittances, bank transfers or investment returns before transferring money or relying on digital documents. He further emphasised that financial institutions and investigative agencies should strengthen advanced digital forensic capabilities, deploy real-time banking verification systems, and enhance international financial cooperation to effectively detect and dismantle organised AI-enabled investment fraud networks.
