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Investment Scam in South Mumbai: Diamond Trader Couple Booked for Duping Man of Rs 2.83 Crore

In a growing trend of high-stakes financial frauds targeting affluent individuals in metro cities, Mumbai has witnessed yet another major investment scam involving a well-connected diamond trader. The case highlights the urgent need for stronger investor vigilance and regulatory oversight in private investment dealings.

The Mumbai Police recently booked a diamond trader and his wife for allegedly cheating a senior citizen of Rs 2.83 crore. The couple, both residents of Nepean Sea Road in Malabar Hill, duped the Malabar Hill resident after promising him higher returns on investments in their company. Police officials said that the accused identified as Aditya Jogani has also been booked in the past. Back then, he was booked for posing as the personal assistant to former Brihanmumbai Municipal Corporation (BMC) commissioner Ajoy Mehta and retired IAS officer Pravin Pardeshi. The police booked Jogani and his wife, Avani, after a complaint was filed by Paramanand Patel, a Nepean Sea Road resident. In his complaint, Patel said that since 2019, Jogani took Rs 4.8 crore from him by promising higher returns on investments in his company, Nirvana India Group. When the accused did not return the money, the complainant told him he was approaching the police. This was when Jogani paid Patel Rs 1.25 crore back. However, the accused threatened Patel when he demanded the remaining money. Patel approached the police and complained after Jogani failed to return the balance amount of Rs 2.83 crore. Acting on Patel's complaint, the police booked Jogani under various sections of the Indian Penal Code (IPC). In July last year, Jogani was arrested by the Economic Offences Wing for allegedly cheating a Santacruz-based businessman of Rs 3.90 crore. Jogani was accused of posing as the personal assistant to the former municipal commissioner and promising the complainant to get his work done. Meanwhile, cops said that there are around 15 cases registered against Jogani accusing him of cheating and impersonating public servants.

The case has raised concerns about repeated offenders being able to exploit legal loopholes and continue defrauding unsuspecting victims. Authorities are now reviewing Jogani’s previous cases to identify patterns and possibly reopen older investigations. Meanwhile, the Economic Offences Wing has intensified efforts to track other similar rackets operating in the city under the guise of lucrative investment opportunities.