Mumbai News: Chembur Man Held For ₹2 Crore Fraud In Fake Investment Scheme Promising 'World Cup Returns'

Mumbai: The Govandi police have arrested a man accused of running a fraudulent investment scheme through a finance company, luring victims with promises of 10–20% monthly returns. The accused has been identified as Pravin Obhan.

The arrest followed a complaint by Neelam Chiplunkar, a resident of Chembur, who alleged that she was defrauded of ₹40 lakh. Chiplunkar claimed she invested the amount in July 2024 in Obhan’s firm, Access Fin Services, headquartered in Chembur. Obhan had promoted a “World Cup Special Investment Scheme,” promising ₹8 lakh in interest after four months and ₹96 lakh after 15 months.

However, no returns were received as promised. Obhan returned only ₹4 lakh and asked Chiplunkar to reinvest the remaining amount in another scheme titled “Money Bond Daily.” When no further payments were made, Chiplunkar filed a police complaint.

During the investigation, police found that Obhan had allegedly defrauded several investors, including retired employees of the BMC and the police department. The total amount of the fraud is estimated to be around ₹2 crore. Obhan was arrested on Sunday and produced before a magistrate on Monday. He has been remanded to police custody till May 23.

Govandi police are continuing their investigation and have appealed to other victims to come forward.