A significant investment fraud has come to light in Chhatrapati Sambhajinagar, Maharashtra, where a Thane-based bar owner, Mangesh Mhatre, along with two other individuals, was allegedly swindled of ₹2.3 crore by Vijay Dhayade, the son of a retired judge. Dhayade, who claimed to be associated with Ghai Engineers & Constructions and Ganesh Labour Suppliers & Services, enticed the victims with promises of 2% to 8% monthly returns on investments in toll plaza tenders and property projects.

The fraud began in December 2021 when Mhatre and his wife were introduced to Dhayade through a mutual acquaintance. Initially, Mhatre invested ₹20 lakh in January 2022, receiving a return of ₹1.2 lakh in March 2022, which bolstered his confidence. Subsequently, Dhayade requested additional funds, citing urgent needs for toll tenders related to the Samruddhi Expressway and Bandra-Kurla Sea Link. By September 2022, Mhatre had invested a total of ₹1 crore. However, in 2023, the promised returns ceased, and when Mhatre sought repayment, Dhayade allegedly threatened him with false molestation charges.

Other victims include Vishal Ghughe, who lost ₹30 lakh, and Rashmi Wade and Kirti Ghughe, each defrauded of ₹50 lakh. The Economic Offences Wing (EOW) of the Chhatrapati Sambhajinagar police is investigating the case under the leadership of Inspector Sambhaji Pawar. The accused remains at large, and authorities anticipate more victims may come forward as the investigation progresses.

Sources