Chandigarh Police Register ₹68 Crore Fraud Case Against Mumbai Couple and Dubai-Based Associate

A major financial fraud of nearly ₹68 crore has come to light in Chandigarh, involving a business expansion and a joint development project. The Chandigarh Crime Branch has registered a case against a Mumbai-based couple and a Dubai-resident associate, launching an extensive investigation into the money trail.

The accused have been identified as Meenakshi Kishore Mehta and Nilay Kishore Mehta of Mumbai, and Rushin Mehta of Dubai. The case has been filed on the complaint of Gagan Aggarwal, an authorised representative of Essex Biosciences Limited and a resident of Panchkula’s Sector-21.

According to the complaint, Essex Biosciences Limited was planning to expand its business operations in Mumbai in 2023. During this period, the accused approached the company, claiming links with financial and corporate entities, including Two Cap Finance Limited and Wilson Holdings Private Limited, and presenting themselves as credible investment partners. They allegedly proposed a joint real estate development project on a property located in Andheri East, Mumbai, claiming full ownership and assuring that all required legal clearances for the project were already in place.

The accused reportedly assured that the project’s security deposit would be safeguarded in a trust account and used solely for the project’s development. Relying on these representations, the complainant signed a Joint Development Agreement (JDA) with the accused on March 6, 2024. Subsequently, in March 2024, a total of ₹68 crore was transferred from an HDFC Bank account in Chandigarh. Investigators have found that the entire amount was credited directly to Meenakshi Mehta’s personal bank account.

The complainant alleged that despite repeated follow-ups and legal notices, the accused neither initiated the development work nor refunded the invested amount, leading to suspicions of a deliberate and organised fraud. Based on these allegations, the Crime Branch has registered the case under sections related to cheating, criminal breach of trust, and conspiracy.

Authorities are currently scrutinising the accused’s bank accounts, financial documents, and digital transaction records to determine the full scope of the fraud and whether additional individuals or shell companies are involved. The Crime Branch has advised investors and companies to thoroughly verify the credentials and legal documentation of any entity before transferring large sums for business or real estate expansion projects.

This case highlights the importance of due diligence in business and real estate investments, especially when dealing with large sums of money and international partners. Investors are urged to remain vigilant and seek legal advice when in doubt about the legitimacy of any proposed investment or business deal.