EOW Probes Alleged ₹180 Cr Stock Market Scam in Maharashtra.

Thane Couple Behind Rs 180 Crore Ponzi Scheme: EOW Probes Alleged Stock Market Investment Scam in Maharashtra

The Thane Police and Economic Offences Wing are probing an alleged ₹180 crore stock market scam involving Priti and Sachin Rane and associate Sagar Karivdekar. Investors across Maharashtra claim they were misled with assured monthly returns and false SEBI-linked claims. Payments later stopped, triggering a wave of complaints. Investigators suspect a Ponzi-style operation, with the total exposure expected to rise as more victims come forward.

Thane couple behind Rs 180 crore Ponzi scheme has emerged as a major financial fraud case, with police suspecting thousands of investors across Maharashtra were misled through false stock market investment promises.

The Thane Police and Economic Offences Wing (EOW) have initiated a detailed inquiry into the alleged multi-crore scam involving Priti Rane, her husband Sachin Rane, and their associate Sagar Karivdekar.

Police sources said preliminary estimates place the fraud at nearly Rs 180 crore, though investigators believe the actual amount involved could rise significantly as more complaints are verified.

Following a surge in investor grievances, the EOW began examining financial transactions, agreements, and online promotional activities linked to the accused, treating the matter as a potential Ponzi-style operation.

Assistant Inspector Mohini Patil confirmed the inquiry, stating that information from multiple investors indicates cognisable offences under relevant sections of criminal and financial laws.

According to complainants, the accused allegedly lured investors with assured monthly returns of four to five percent, exploiting market uncertainty during and after the Covid-19 lockdown period.

Online Trading Courses Used to Attract Thousands of Investors

Investor Abhijeet Sawant, aged 29, told investigators he first encountered Priti Rane through online advertisements promoting stock market training during the lockdown.

Sawant alleged that Rane enrolled over 12,000 students through online and offline trading courses, gradually pitching investment opportunities promising stable and high monthly returns.

Investments were allegedly collected through Sagar Karivdekar, a Sindhudurg resident, who managed fund transfers and executed memorandums of understanding on stamp paper.

Sawant said these agreements described Sachin Rane as a trading mentor, lending credibility and confidence to prospective investors unfamiliar with market risks.

In December 2024, Sawant invested Rs 5 lakh after being promised a four percent monthly return, which was credited for two months before payments abruptly stopped.

The sudden halt in returns raised suspicions, with Sawant and other investors suspecting the operation followed a classic Ponzi pattern reliant on continuous fresh investments.

Another investor, Narayan Malusare, also 29, invested Rs 9 lakh in September 2023 and received returns until May 2025, aligning with the period payouts allegedly ceased widely.

Police sources confirmed this timeline matches when most investors stopped receiving payments, intensifying concerns of fund diversion or systemic collapse.

Luxury Assets, Missing Associate, and Investor Undertaking

Several investors alleged that Priti Rane later claimed Karivdekar had absconded with the funds, shifting responsibility for the stalled payments.

A Pune-based investor reportedly traced Karivdekar to his Sindhudurg residence, discovering luxury vehicles including a Porsche and a Mercedes-Maybach parked at the property.

Additional allegations claim Karivdekar owns a BMW X7 and two Lamborghini Urus, raising questions about whether investor funds were diverted to acquire high-value assets.

On December 2, 2025, Priti and Sachin Rane signed an undertaking acknowledging liabilities, along with individuals claiming to represent affected investors.

The document reportedly lists 1,246 investors and acknowledges dues amounting to Rs 180 crore, providing investigators a crucial paper trail for verification.

Legal experts note that such undertakings can strengthen criminal intent if repayments remain unfulfilled or misrepresentations are established during the investigation.

SEBI Registration Claims Found to Be Misleading

During preliminary questioning, Priti Rane reportedly told police she was registered with the Securities and Exchange Board of India, enhancing investor trust.

However, checks on SEBI’s official website revealed neither Priti Rane nor her firms, RS Consultancy Pvt Ltd and Mind Stock Innovations, are registered intermediaries.

Financial analysts warn that unregistered entities offering guaranteed returns violate SEBI norms and frequently feature in high-risk investment fraud cases nationwide.

When Sprouts News contacted the phone number linked to Priti Rane, a staff member initially answered before another person claimed she was in Sawantwadi.

The caller asserted that investor money was being returned, but affected investors dispute this claim, citing negligible repayments compared to their principal investments.

Sawant said he received only Rs 25,000 around ten days ago against his Rs 5 lakh investment, expressing frustration and demanding a full refund.

The EOW continues to record statements, scrutinise bank accounts, and coordinate with cyber and financial regulators as the investigation expands across districts.

Authorities have urged affected investors to submit complaints and documentation, stating further legal action will depend on transaction trails and recovered evidence.

Also Read: Milestone Housing Scam Rocks Panvel Homebuyers.

Paid Media, Lost Credibility: How TV Interviews Enabled a Rs 180 Crore Scam and Why Sprouts News Stood With Readers

The Rs 180 crore scam has also raised serious concerns over paid interviews aired by TV9, Zee 24 Taas, and Saam, allegedly undermining media credibility. Investigative journalist Unmesh Gujarathi and his team at Sprouts News have exposed such practices and consistently stood with readers against unethical journalism.

Who Is Sachin Rane?

Sachin Rane is a Thane-based stock market trainer who has emerged as a key accused in the alleged Rs 180 crore investment scam currently under police investigation.

Projected Role as Trading Mentor

According to multiple investor complaints, Rane presented himself as a professional trading mentor associated with high-return stock market investment programmes.

Image as Hypnotist and Motivational Trainer

Rane is also known to publicly project himself as a hypnotist and motivational trainer, claiming to use psychological influence techniques during seminars and workshops.

Building Trust Among Investors

Several investors allege that his hypnotist image helped create trust and confidence, particularly among first-time and inexperienced market participants.

Association With Priti Rane

Sachin Rane frequently appeared alongside his wife, Priti Rane, in trading workshops, social media promotions, and investor-facing programmes.

Signing of Investor Agreements

Official documents indicate that Rane signed memorandums of understanding on stamp paper while investor funds were being collected.

Assurances of Fixed Returns

Investigators allege that Rane assured participants of fixed monthly returns, a practice prohibited under Securities and Exchange Board of India regulations.

Alleged Psychological Manipulation

Police are examining whether his hypnotist-style communication techniques were used to influence or manipulate investor decision-making.

Scrutiny of Financial Role

Authorities are also verifying Rane’s role in fund routing, account operations, and execution of investor agreements.

Ongoing EOW Investigation

Sachin Rane has denied any wrongdoing, while the Economic Offences Wing continues its probe based on financial records and documentary evidence.