A major startup investment fraud has come to light in Vasco, where police have registered a case against six individuals for allegedly cheating investors of ₹90 lakh. The accused are alleged to have misled investors using false promises and a fabricated technology-based business model, raising concerns over misuse of startup funding channels.
The complaint was filed by Santosh Mahale, authorised representative of Vishwas Warehousing and Trading Pvt. Ltd. and Shikargah Pvt. Ltd. According to the complaint, the alleged fraud took place between 2015 and 2019 in the Vasco region, where investors were induced to put money into a cloud-based technology product business.
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Alleged Modus Operandi
Police said the accused include Aruna Schwarz, CEO of Khemeia Technologies Pvt. Ltd., Revathy Ashok, Sunil Koliyot, Chandu Nair, S. Prabhu Kannan, and Sanjay Jain, representative of SPA Capital Advisors Limited.
As per the complaint, the accused convinced investors that the company was engaged in advanced cloud-based technology products and promised high returns in the future. Relying on these assurances, two investor firms collectively invested ₹90 lakh—₹45 lakh each from Vishwas Warehousing and Trading Pvt. Ltd. and Shikargah Pvt. Ltd.
It is alleged that after receiving the funds, the company failed to initiate any real business operations as promised. Instead, the money was allegedly diverted for personal use, and financial records were manipulated to conceal the actual flow of funds. The complaint further states that financial statements were deliberately altered to misrepresent the company’s operations.
Over time, when investors saw no business progress or returns, they began investigating the matter. Initial scrutiny reportedly revealed that several claims made by the company did not match actual facts or operational reality.
Probe Underway
Following the complaint, Vasco Police registered a case against the six accused under charges of cheating and criminal conspiracy. Authorities stated that all accused allegedly acted in coordination to deceive investors and misuse funds.
The investigation is currently being handled by PSI Nikhil Dessai of Vasco Police Station. The probe team is examining financial documents, bank transactions, and company records to trace how the invested money was used and whether it was diverted to unrelated purposes.
Experts say such cases highlight the need for stronger due diligence before investing in early-stage companies. Verifying financial records, operational credibility, and regulatory compliance is essential to avoid falling victim to similar scams.
The investigation is ongoing, and police are expected to take further legal action based on findings from financial audits and digital evidence. Authorities are also exploring whether more individuals or entities were involved in the alleged fraud network.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
