Mumbai Share Market Scam: Ghatkopar Businessman Duped Of ₹6.84 Crore By Cuffe Parade Investment Firm Owners; Probe Underway

Mumbai: In a major investment scam, a businessman from Ghatkopar and his family were duped of ₹6.84 crore after being lured with promises of high returns through share market investments.

The incident, which took place in the plush Cuffe Parade area, has prompted police to file a case of cheating and misappropriation against two brothers, Shashank Sunil Singhania and Siddhant Sunil Singhania, owners of the firm “Sensa.”

According to the Cuffe Parade Police, the accused convinced the complainant, Paras Vinodchandra Kothari – a businessman and owner of a private firm – to invest in the stock market through their company. The Singhania brothers allegedly presented themselves as experts in trading and gained the trust of Kothari and his family.

Between February 2024 and June 2025, Kothari, along with several family members and relatives, transferred a total of ₹9.85 crore to Sensa’s bank account for investment. While the accused did return ₹3 crore as initial returns, they failed to repay the remaining ₹6.84 crore, neither offering profit nor returning the principal amount.

Repeated requests for repayment went unanswered, raising suspicions. Eventually, on June 25, Kothari lodged an official complaint with the Cuffe Parade police.

Based on the preliminary inquiry, police registered a case of cheating and criminal breach of trust. Investigators said both Shashank and Siddhant are currently untraceable and summons will soon be issued for their appearance.

Authorities are also probing whether other investors have fallen victim to similar fraudulent schemes under the guise of share market investments. Police have launched a manhunt for the two brothers and are reviewing bank transactions to determine the full scale of the alleged scam.