Ulhasnagar Scam: Investor Loses ₹21L as Fraud Network of Nine Emerges.

Unmesh Gujarathi
Sprouts News Exclusive
Contact: +91 9322755098

An Ulhasnagar investor was allegedly defrauded of ₹21 lakh by a group that lured him with promises of high returns on his investment. He is one of hundreds of victims targeted by this scheme. The accused remain scot-free, with the victim alleging they operate hand-in-glove with local police who have yet to register an FIR, prompting an investigation by the Sprouts News SIT.

A detailed complaint filed with the Ulhasnagar police has uncovered an alleged sophisticated investment fraud, leaving an Ambernath businessman facing severe financial ruin and psychological distress. The victim, Sushil Shreenath Gupta, accuses a group of nine individuals, led by Bittu Sahu and Parveen Sahu, of duping him of ₹21.08 lakhs after luring him with promises of high monthly returns.

This case, now under the scrutiny of the Sprouts News Special Investigation Team (SIT), points to a potentially extensive scam operating within the Thane district, with serious allegations of police inaction further complicating the pursuit of justice.

According to the official application submitted to the Senior Police Inspector at Hill Line Police Station, the accused allegedly leveraged their existing acquaintance and purported embroidery businesses in Ulhasnagar to gain Gupta’s trust. They convinced him to take substantial loans from multiple banks, including Canara Bank and Piramal Small Finance Bank, by promising a guaranteed monthly return of ₹1 lakh on his investment. The funds were allegedly funneled into the bank account of a third party, Ajay Rao, as instructed by the primary suspects.

The Sprouts News Special Investigation Team has analyzed the transaction pattern detailed in the complaint. After the initial investment, the victim received only sporadic, partial payments totaling approximately ₹2.78 lakhs over several months, a fraction of the promised returns. When Gupta confronted the accused, they allegedly provided excuses, stating returns would gradually increase and later resorted to intimidation. They reportedly claimed his money was with a “big boss” and threatened that further pursuit would result in no repayment, brazenly asserting they feared no legal consequences.

The human cost of this alleged scam is devastating. Gupta states that the pressure from bank officials for unpaid EMIs has caused immense mental trauma and severe familial discord. The situation has become so dire that he has explicitly expressed suicidal intentions in his written complaint if justice is not served. This highlights the profound impact financial fraud has on victims, extending far beyond monetary loss into their personal and psychological well-being.

The complaint suggests this is not an isolated incident. Gupta names nine individuals, alleging they operate as a coordinated team that has defrauded numerous others using a similar Ponzi-like scheme. However, a pervasive fear of reprisal prevents other potential victims from coming forward. This indicates a wider pattern of fraud that may be thriving due to a climate of intimidation and a lack of faith in the system.

A critical allegation raised is the perceived inaction by the Hill Line Police Station. Despite a detailed written complaint being submitted, a First Information Report (FIR) has not been registered at the time of this reporting. The victim and sources indicate this delay suggests a possible collusion between the accused and local authorities. This failure to initiate a formal investigation effectively allows the alleged fraudsters to operate with impunity, eroding public trust.

The Sprouts News Special Investigation Team continues to monitor this developing story. We have reached out to the Ulhasnagar police for an official statement regarding the status of the complaint. Ensuring a swift and transparent investigation is paramount to delivering justice for the victim, protecting other potential targets, and holding all accountable parties to the highest legal standard. This case underscores the urgent need for robust action against financial fraud and greater accountability within public institutions.