The ₹500 Crore Share Market Scam has entered a new phase after Thane Economic Offences Wing (EOW) registered an FIR following sustained complaints and investigative reporting. While two accused have been named, investors allege selective action and demand a broader probe. Victims claim funds were mobilised through promises of steady stock market returns and structured trading systems. Calls for asset attachment, custodial interrogation and possible judicial intervention are growing. Authorities are yet to clarify whether additional accused or regulatory violations under SEBI norms will be examined.
- ₹500 Crore Mega Share Market Scam: Alleged Fraudsters Named as Thane FIR Triggers Political Storm
- Mega Share Market Scam Investigation: Ponzi Allegations, NSE Claims and Financial Trail
- FIR Omissions, Asset Allegations and Demand for EOW Action in Thane
- Why the Mega Share Market Scam Matters for Retail Investors and Regulators
₹500 Crore Mega Share Market Scam: Alleged Fraudsters Named as Thane FIR Triggers Political Storm
Following continuous investigative pressure and an expose series by Sprouts News, Thane Economic Offences Wing has registered an FIR against two accused in the ₹500 crore Mega share market scam.
The FIR action comes after months of sustained reporting, victim testimonies and documentary scrutiny that highlighted alleged financial irregularities linked to the Mega investment operation.
However, investors claim the investigation has selectively targeted only certain individuals, raising fresh questions about the overall scope and direction of the probe.
Several complainants allege that alleged fraudster Priti Sachin Rane played a central role in designing and promoting the investment model marketed under the name Mega.
The FIR numbered 55 of 2026 reportedly names alleged fraudster Sachin Balkrishna Rane and alleged fraudster Sagar Subodh Karivdekar, while investors question the exclusion of other alleged conspirators.
Anger among investors has intensified, with many stating that despite serious accusations, the alleged fraudsters are moving freely without custodial interrogation or visible asset restrictions.
Some victims have further alleged political protection, claiming the influence of Deputy Chief Minister and Thane guardian minister Eknath Shinde has slowed strict enforcement. No official confirmation supports these allegations at present.
Sprouts News has consistently examined documentary claims, financial trails and victim testimonies. Following sustained reporting, authorities moved to formally register the complaint, though concerns regarding scope remain.
Mega Share Market Scam Investigation: Ponzi Allegations, NSE Claims and Financial Trail
Investors describe the Mega share market scam as resembling a Ponzi style investment operation promising unusually high and consistent stock market returns.
According to multiple statements, alleged fraudster Priti Sachin Rane projected herself as a finance mentor and former professor associated with Ruparel College to build academic credibility.
Victims allege that WhatsApp groups, YouTube channels and physical seminars were used to attract middle class families, students and salaried professionals seeking stable returns.
Presentation materials allegedly highlighted disciplined trading systems and low risk strategies. Investors claim they were assured that their funds would be managed using legitimate exchange linked mechanisms.
Some complainants allege that alleged fraudster Priti Sachin Rane cited an association with the National Stock Exchange to reinforce investor confidence.
Market experts clarify that trading on the National Stock Exchange requires regulated intermediaries and strict compliance under Securities and Exchange Board of India norms.
Investors state they were instructed to transfer funds into accounts linked to alleged fraudster Sagar Subodh Karivdekar as part of internal operational structuring.
In private discussions, alleged fraudster Priti Sachin Rane reportedly minimised the market expertise of alleged fraudster Sachin Balkrishna Rane, raising questions about operational hierarchy.
The estimated exposure of ₹500 crore, if substantiated, would place this case among significant regional investment fraud investigations in recent years.
FIR Omissions, Asset Allegations and Demand for EOW Action in Thane
Complainants argue that additional associates including Sandip Kudtarkar and Swaroop Kudtarkar are absent from the FIR despite being mentioned in several written representations.
Victims have also pointed to properties allegedly purchased in the names of Rekha Naresh More and Naresh Narayan More, parents of alleged fraudster Priti Sachin Rane.
They argue that a forensic audit of bank accounts, property acquisitions and interlinked transactions is necessary to determine whether funds were diverted or layered.
Economic Offences Wing procedures allow investigators to expand the list of accused if evidence emerges during interrogation and document examination.
However, investors fear delays may hinder asset attachment, which is often crucial in recovering money in large scale financial fraud cases.
Some victims have indicated they may approach a competent court seeking directions for inclusion of all alleged fraudsters and a time bound investigation.
As per the FIR copy accessed from Thane records, the complaint references offences registered under relevant sections of the Indian Penal Code including cheating and criminal breach of trust. The document notes that investors were allegedly induced to invest large sums through representations of high returns in share market schemes. It further records that financial transactions amounting to several crores were routed through identified bank accounts, with the alleged acts taking place between February 2022 and March 2024 within Thane jurisdiction.
Legal experts note that magistrates can order further probe under relevant provisions of the Criminal Procedure Code if prima facie material is presented.
Sprouts News appeals to government authorities to examine whether bank accounts linked to the alleged fraudsters and their close associates require immediate scrutiny under due legal process.
Also Read: Supreme Court Benami Act Limits NCLT Powers Insolvency law.
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Why the Mega Share Market Scam Matters for Retail Investors and Regulators
The Mega share market scam underscores vulnerabilities in India’s rapidly expanding retail trading ecosystem driven by social media outreach and informal advisory networks.
Financial regulators including the Securities and Exchange Board of India have repeatedly warned against guaranteed return schemes in equity markets.
Equity investments inherently involve market volatility. Any promise of fixed or assured profits should invite regulatory verification and investor caution.
For policymakers, the case raises broader questions regarding investor education, cross verification of credentials and monitoring of large scale fund mobilisation outside regulated frameworks.
If proven, the alleged ₹500 crore fraud could impact not only individual households but also public trust in financial markets and enforcement agencies.
Many affected investors claim they invested retirement savings, family funds and borrowed capital, magnifying the socio economic consequences of the alleged scam.
As the investigation unfolds, scrutiny will focus on financial documentation, digital communication trails and institutional oversight gaps.
Readers with relevant information may contact investigative journalist Unmesh Gujarathi and the Sprouts News team via WhatsApp at 9322755098 to assist in ongoing independent documentation efforts.
