Mumbai, September 8: A 74-year-old businessman from Mumbai's Juhu area has become the latest victim of investment fraud after he was cheated of INR 1.6 crore that he invested in a pharmaceutical capsule manufacturing company. The incident came to light when the victim, Ramesh Rughani, approached the police. In his complaint, Rughani, who operates Khyati Global Ventures Limited, said that he met the accused four years ago through business circles.

According to a report in the Free Press Journal, the accused has been identified as Dhanesh Gundecha, a businessman based in Nagpur. Gundecha was booked on September 3 for cheating and extortion. The complainant said that after meeting Gundecha, the two developed close ties. Later in December 2022, they signed a memorandum of understanding (MoU) with Anup Kothari and Atul Jain to form a capsule-making company. Online Gaming Scam: Mumbai Man Claims INR 13 Crore After Being Trapped in Gaming Fraud, Probe Underway.

As per the agreement, each of the four partners (Ramesh Rughani, Dhanesh Gundecha, Anup Kothari and Atul Jain) was to hold a 25 per cent stake in the company, and for the same, they would contribute to a total investment of INR 2 crore. The complainant said that he paid INR Rughani said he paid INR 1.6 crore in parts to Gundecha to purchase a capsule production machine and other expenses.

The victim had transferred the funds to the company's bank account as per the MoU. However, the victim claimed that Gundecha failed to buy the machine and continuously delayed the process. The complainant further said that the accused assured the partners, including him, that production would begin soon. In the end, Rughani decided to withdraw from the partnership. Online Scam in Mumbai: 80-Year-Old Man Duped of INR 9 Crore in Elaborate ‘Love and Sympathy’ Fraud Involving 4 Women, FIR Registered.

He also sought his money back as no progress was made despite several follow-ups. Instead of returning Rughani's INR 1.6 crore, the accused allegedly diverted the funds for personal use. It is also reported that Gundecha refused to return the victim's money. After this, Rughani approached the police and filed a complaint with the Juhu police station.

(The above story first appeared on LatestLY on Sep 08, 2025 08:20 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).