Thane investors demand action in ₹500 crore share market scam.

₹500 crore fraud case: Investors protest the while accused enjoy a luxury life through assets held in relatives’ names

An alleged ₹500 crore share market fraud in Thane has triggered investor protests after claims surfaced that accused persons diverted funds into luxury assets held in relatives’ names. While thousands of investors face losses, flats and high-end vehicles allegedly bought during the scheme period have come under scrutiny. The case has raised serious concerns over enforcement delays, proxy ownership, and the need for faster asset attachment to protect investor interests.

Alleged fraudster Priti Sachin Rane, Sachin Balkrishna Rane, and their associate Sagar Subodh Karivdekar are facing mounting allegations in a suspected share market investment scam that could exceed ₹500 crore.

At the heart of the controversy are claims that while investors struggle with basic expenses, the accused continued to enjoy a lavish lifestyle funded through allegedly misappropriated public money.

Multiple complainants have approached enforcement agencies, alleging that investor funds were systematically diverted, concealed, and routed through close relatives to evade scrutiny and delay recovery proceedings.

According to information accessed by Sprouts News, investigators and complainants believe the financial trail indicates deliberate structuring of transactions to mask the true beneficiaries of the scheme.

The case has drawn attention because of its scale, the alleged use of family members as financial conduits, and the perceived inaction by authorities despite documentary evidence being submitted.

Experts warn that such cases, if not addressed promptly, erode confidence in financial markets and expose regulatory weaknesses that allow repeat offenders to operate unchecked.

₹500 crore investment scam raises red flags over asset diversion and proxy ownership

Sources familiar with the investigation state that large sums collected during the investment scheme were not retained in the accused persons’ names, but were allegedly transferred to relatives.

One such transaction involves a residential flat purchased at the Shreeji Ville complex located at Panchpakhadi Thane, allegedly in the name of Rekha Naresh More, mother of alleged fraudster Priti Rane.

The flat, acquired during the operational period of the scheme, is estimated to have a current market value of approximately ₹3 crore, according to property market assessments.

Sources claim that funds for the purchase were routed through cash and bank transfers originating from accounts linked to Priti Rane, Sachin Rane and Sagar Karivdekar.

Sprouts News investigators believe this pattern suggests an attempt to distance the primary accused from high-value assets, complicating seizure and attachment under financial crime statutes.

In another instance, a Toyota Fortuner SUV valued at nearly ₹48 lakh was allegedly purchased in the name of Naresh More, father of alleged fraudster Priti Sachin Rane.

Vehicle registration records indicate the SUV was registered with the Thane RTO on 17 November 2023, coinciding with the peak period of the alleged investment operations.

Such acquisitions during an active fund mobilisation phase raise questions about the legitimacy of income sources declared by the family members involved.

Luxury vehicles, trading links, and widening family network under scrutiny

Sources further allege that Sachin Rane was frequently seen using a white, high-end Mercedes SUV valued at approximately ₹1.5 crore.

The vehicle has reportedly not been sighted recently, triggering concerns that assets may have been moved, sold, or concealed in anticipation of enforcement action.

The alleged financial network is said to extend beyond the immediate family, with links pointing towards Saroj Kudtadkar, Sandip Kurtadkar, and their son, Swaroop Kurtadkar and many more.

According to complainants, Swaroop Kurtadkar actively participated in trading activities alongside Sagar Kariwadekar and assisted with daily financial operations.

This involvement, if established, could expand the scope of the investigation to include conspiracy, abetment, and money laundering provisions.

Financial crime experts note that coordinated family involvement is a common tactic in large-scale frauds to fragment responsibility and dilute individual liability.

Complainants are demanding a comprehensive forensic audit covering income tax returns, bank accounts, movable and immovable assets, and investment portfolios of all connected individuals.

They argue that without a holistic probe, recovery of investor funds will remain improbable and accountability elusive.

Also Read: Maharashtra shaken by investment fraud as accused go free.

Related News: Thane EOW probe flags tax gaps in investment scam case.

Related News: ₹180 Cr Stock Market Scam: Thane Couple Under EOW Probe.

Questions over inaction, MPID Act, and public confidence.

Despite the submission of documents, transaction records, and asset details, complainants allege that the Thane Economic Offences Wing has not arrested the alleged fraudster trio.

This delay has triggered sharp criticism, with investors questioning whether institutional inertia or external influence is shielding the accused from immediate action.

Some complainants allege they were discouraged by officials from pursuing legal remedies, being told that court proceedings could take a decade to conclude.

Such statements, if verified, raise serious concerns about victim intimidation and dereliction of duty within investigative mechanisms.

Primary investigative steps such as FIR registration under the MPID Act, seizure of electronic devices, freezing of accounts, and collection of call detail records are allegedly pending.

Legal analysts warn that continued delay increases the risk of evidence destruction, asset dissipation, and irreversible weakening of the prosecution case.

The situation has drawn comparisons with earlier financial fraud cases, where delayed enforcement significantly reduced recovery prospects for victims.

Complainants are urging Thane Police Commissioner Ashutosh Dumbre to intervene directly, order immediate registration of offences, and ensure swift arrests.

They stress that decisive action is essential not only for justice but also to reaffirm that Thane is governed by the rule of law, not financial impunity.

Police and EOW authorities should arrest all the accused and register cases against their relatives as well. Their bank accounts should also be seized.

As the Sprouts News Special Investigation Team continues tracking developments, the case is increasingly viewed as a test of Maharashtra’s commitment to protecting public money and restoring investor trust.

Standing With Investors, Always

“Courage begins when silence ends.” At Sprouts News, our commitment has always been clear. Editor in Chief Unmesh Gujarathi and the Sprouts News team stand firmly with investors.

We urge affected individuals to come forward, share their experiences, and seek accountability. This is not a solitary struggle. With responsible journalism, verified facts, and persistent follow up, we will support you in this battle for truth, justice, and financial dignity.