Dombivli Police File FIR Against Wealth Firm for Rs 48.62 Lakh Investment Fraud
In a significant crackdown on financial misconduct, the Dombivli police have registered a First Information Report (FIR) against five individuals associated with a wealth management firm. The accused are alleged to have duped multiple investors of over Rs 48.62 lakh through a fraudulent investment scheme that promised unusually high monthly returns.
Details of the Fraudulent Scheme
According to investigators, the accused operated under the name Lotus India Wealth Management LLP and began mobilising funds from December 2019. They allegedly lured investors by offering returns ranging from 3% to 5% per month, while assuring them that their principal investment remained secured and could be withdrawn at any time. Police stated that such assurances were strategically used to build credibility and attract more deposits.
One of the primary complainants informed police that he transferred Rs 13.25 lakh to the firm between April 2020 and January 2021. Initially, he received returns totalling Rs 6.91 lakh, which officials believe were paid to gain the investor's trust and encourage continued investment. However, the payments abruptly stopped in early 2021, as per the complaint.
Failed Refunds and Settlement Agreement
When the complainant demanded a refund of his principal amount, the accused allegedly issued multiple cheques as security. These cheques were later dishonoured by the bank, raising suspicion. Police further revealed that a settlement agreement was executed in October 2023, wherein the accused promised to repay Rs 20 lakh in instalments. Despite this, only a small portion of the amount was returned before the accused allegedly stopped responding altogether.
Widespread Impact and Investigation
During the course of the investigation, police identified at least three additional victims who suffered financial losses of Rs 22.12 lakh, Rs 12 lakh, and Rs 1 lakh respectively. This indicates that the fraud may be more widespread than initially thought, affecting multiple individuals in the region.
The FIR, registered on March 29, 2026, invokes sections of the Bharatiya Nyaya Sanhita related to cheating and criminal breach of trust, along with provisions of the Maharashtra Protection of Interest of Depositors Act. Police have confirmed that efforts are underway to trace the money trail and identify other potential victims, emphasising the seriousness of the case.
Authorities are urging anyone with similar experiences to come forward, as this investigation highlights the risks associated with unverified investment opportunities promising high returns.
