Mumbai Police Arrests Duo in Major Financial Fraud Case

In a significant development, the Mumbai Police's Economic Offences Wing (EOW) has made a crucial breakthrough in a high-profile financial fraud case. Ashesh Mehta and Shivangi Lad Mehta, a couple from Surat, have been arrested for their alleged involvement in a multi-crore financial fraud through a share trading firm.

The arrest is the culmination of a detailed investigation into the activities of Bliss Consultants, a stockbroking firm accused of duping investors through deceptive practices. The firm, which operated on the Bombay Stock Exchange, used the DIFM application to lure investors with the promise of high returns.

According to reports, the couple charged an exorbitant 30% brokerage fee on profits while falsely guaranteeing an additional 2.5% monthly investment return through the DIFM trading app. This scheme led to numerous investors falling prey to their fraudulent practices.

The case, initially filed by Amboli police in June, was later escalated to the EOW in August due to the magnitude of the fraud. The police have charged the couple under sections 420 (cheating) and 34 (common intention) of the Indian Penal Code, as well as under sections 3 and 4 of the Maharashtra Protection of Interest of Depositors Act, 1999 (MPID).

One of the notable victims of this scam is Krishna Hegde, a former Member of the Legislative Assembly (MLA), who is among the 166 investors who have collectively reported a staggering fraud sum of ₹85.17 crore.

The Mumbai Police, through diligent investigation and swift action, has highlighted its commitment to protecting the financial interests of the public. The arrest of Ashesh Mehta and Shivangi Lad Mehta sends a strong message against financial fraud, reinforcing the trust in the legal and financial systems of the country.

Investors are advised to exercise caution and conduct due diligence before investing in financial schemes that promise unusually high returns. The Mumbai Police assures the public of its relentless pursuit of justice and its dedication to upholding the law.