Rons Bantwal
Daijiworld Media Network – Mumbai
Mumbai, Jul 9: The Kandivali West police have arrested a woman of Udupi origin for allegedly cheating another woman and her brother to the tune of Rs 10 lac by promising high returns on stock market investments. The accused has now been remanded to judicial custody following check bounce and fraud charges.
The arrested accused has been identified as Deepika Manoj Shetty, originally hailing from Kolalagiri Kukikatte in Udupi. She was arrested based on a complaint lodged by 60-year-old Rajani Dayanand Shetty.
According to the police, the complainant’s cousin, Harish Shetty, held an account with Nirmal Bang, a stockbroking agency. Deepika worked there, which is how Rajani got introduced to her. During a meeting at the Kamala Vihar Sports Club in September 2024, Deepika reportedly convinced Rajani to invest in the stock market, promising that an investment of Rs 1 lac would yield a 20% monthly return (Rs 60,000) after three months.
Believing her words, Rajani transferred a total of Rs 9,00,000 in phases via RTGS from her Axis Bank account to Deepika’s Punjab National Bank account between October 2024 and December 2024. Simultaneously, her brother Harish Shetty also transferred Rs 2,00,000 from his Bharat Bank account to Deepika's account.
Check bounce and fraud
After receiving the money, Deepika failed to pay either the promised profits or the principal amount. When Rajani persistently demanded her money back, Deepika issued checks worth Rs 8,58,600 from her Punjab National Bank and Canara Bank accounts. However, the checks bounced due to insufficient funds, after which Deepika began evading the victim.
Realising they had been duped of Rs 10 lac (Rs 9 lac from Rajani and Rs 1 lac from her brother, as per the final calculations in the complaint), Rajani filed a formal complaint at the Kandivali police station seeking strict legal action.
Kandivali police assistant inspector Sohan Suresh Rao Kadam took up the investigation under the guidance of chief inspector Karan Gunaji Soni. Following her arrest and subsequent failure to repay the cheated amount, Deepika Shetty was sent to the Byculla Women’s Prison (District Jail) in Nagpada, Mumbai Central.