The Thane MPID Investment Scam has gained momentum after victims sought stronger legal action and wider financial investigations into the alleged ₹500 crore fraud. Through Advocate Rajesh Dattu Kakad, investors urged authorities to invoke additional provisions under financial and regulatory laws while seeking faster asset attachment and forensic examination of bank records. The allegations remain under investigation, and no court has determined the criminal liability of the accused.

Thane MPID Investment Scam: Victims Seek Stronger Charges as Questions Mount Over ₹500 Crore Alleged Fraud and Asset Recovery

Victims in the alleged Thane MPID investment scam have sought the invocation of additional financial and regulatory laws, while raising fresh questions over the pace of asset recovery, forensic investigation, and the physical seizure of luxury vehicles allegedly linked to the accused.

The Thane MPID investment scam has entered a significant phase after victims submitted a detailed representation seeking stronger legal provisions against the accused and a wider investigation into the alleged financial fraud.

The representation, submitted through Advocate Rajesh Dattu Kakad, urges the Director General of Police, Maharashtra, to invoke additional statutory provisions beyond those already applied in Crime No. I-55/2026 registered at Thane Nagar Police Station.

According to the representation, the alleged investment scheme affected more than 1,358 investors, while investors claim the overall amount involved could exceed ₹500 crore. Investigating agencies have previously referred to an alleged fraud exceeding ₹185 crore.

The representation states that while offences under the Bharatiya Nyaya Sanhita (BNS) and the Maharashtra Protection of Interest of Depositors (MPID) Act have already been invoked, the nature and scale of the allegations warrant additional provisions under several specialised financial laws.

Representation Seeks Additional RBI, SEBI, and BUDS Act Charges

Advocate Rajesh Dattu Kakad has requested investigators to invoke Sections 45-IA and 58B of the Reserve Bank of India Act, 1934, Sections 4 and 5 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978, and Section 24 of the SEBI Act, 1992, along with provisions of the SEBI (Collective Investment Schemes) Regulations, 1999.

The representation also seeks application of Section 66D of the Information Technology Act, 2000, Sections 3, 4, 5 and 21(3) of the Banning of Unregulated Deposit Schemes Act, 2019, and multiple provisions of the Bharatiya Nyaya Sanhita, 2023, including Sections 61(2), 314, 318(2), 318(3), 319(2), 320, 321, 322, 323, 324(2)(5), 336(2)(3), 340(2), and 344.

According to the representation, investors were allegedly induced to invest after being promised monthly returns ranging between 4% and 5%, or even higher. It is further alleged that many investors lost both their expected returns and their principal investments.

The representation further alleges criminal conspiracy, misappropriation of investor funds, falsification of financial records, forged documentation, manipulated accounts, and misleading representations made to members of the investing public. These allegations remain subject to investigation.

Several affected investors have publicly appreciated Advocate Rajesh Dattu Kakad for pursuing wider legal scrutiny and requesting a comprehensive investigation instead of limiting the case to the offences presently invoked.

Investors Raise Fresh Questions Before Economic Offences Wing, Thane

The representation asks why provisions of the Reserve Bank of India Act, SEBI Act, and Banning of Unregulated Deposit Schemes Act have not yet been invoked despite the alleged nature of the investment activities.

It also seeks clarification on whether investigators have completely traced investor funds across bank accounts, companies, associated entities and related parties, and whether all electronic evidence has undergone forensic examination.

Victims have further questioned whether the Economic Offences Wing (EOW), Thane, has identified every beneficiary who may have received investor funds and whether additional movable and immovable properties will be attached during the investigation.

Attention has simultaneously focused on the attachment of assets allegedly linked to accused Sagar Subodh Karivdekar (also spelt Sagar Subodh Kariwadekar), accused Priti Sachin Rane (also spelt Preeti Sachin Rane), and wanted accused Sachin Balkrishna Rane (also spelt Sachin Balkrishna Rane), according to police records.

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Luxury Vehicles Yet to Be Physically Seized, Investors Question Recovery

Investigating agencies have initiated attachment proceedings involving flats, land parcels, vehicles, and other movable and immovable assets allegedly belonging to the accused in the case.

However, according to sources familiar with the investigation, several luxury vehicles allegedly linked to the accused Sagar Subodh Karivdekar (Kariwadekar – Karivadekar) have reportedly not yet been physically seized and are understood to have only been blacklisted.

This has prompted investors to question why, despite nearly two months having elapsed since the arrests, the value of assets physically recovered remains comparatively limited against the amount allegedly involved in the investment scheme.

Sources also indicate that investigators may be examining financial links extending beyond the reported Sawantwadi connection, including a possible Gujarat connection, although investigating agencies have not officially confirmed these aspects.

According to information received from sources, investigators are also examining financial transactions involving relatives of accused Sagar Subodh Karivdekar (Kariwadekar), Saloni Karivdekar, Priti (Preeti) Sachin Rane, and wanted accused Sachin Balkrishna Rane, subject to verification during the ongoing investigation.

Investors have further sought a detailed examination of several companies allegedly incorporated during the operation of the investment scheme and reportedly linked to the accused or their relatives. They have requested scrutiny of fund flows, financial transactions, and beneficial ownership.

The Economic Offences Wing, Thane, has not issued an official statement responding to these specific claims. The allegations remain under investigation, and the authenticity of the information, the precise financial loss, and the culpability of the accused will ultimately be determined through the ongoing investigation and subsequent judicial proceedings.

Readers’ Appeal

If you possess verified documents or information relating to this alleged investment scam or other financial frauds, you may confidentially share them with investigative journalist Unmesh Gujarathi at 9322755098. Every credible submission received by Sprouts News is independently verified before publication in the larger public interest.

Editorial Note:

This article is based on publicly available FIR records, court case references, and reports published by multiple media organisations. The information is presented in the context of ongoing investigations and public interest reporting. Sprouts News does not make any judicial determination regarding the individuals mentioned and does not intend to defame any person or organisation. Any individual seeking clarification or wishing to provide an official response may contact the editorial team with verifiable documentation. The information is presented for journalistic and informational purposes.