Mumbai doctor falls for investment scam, loses Rs 42 lakh

Mumbai: The Dahisar Police have arrested a medical professional accused of duping a renowned doctor and his son of Rs 42 lakh by promising high returns on investment. The accused, who had been on the run for four months, was finally apprehended and is now in judicial custody.

The victim, Dr Arun Kumar Jain, a renowned 62-year-old doctor from Borivali, runs a hospital with his family, including his wife, son (also a doctor), and other relatives. Dr Jain had known the accused professionally for over three years, as the accused had a medical shop called New National Medico in Bhayandar. During this time, the two had frequent business interactions, and the accused managed to gain Dr Jain’s trust.

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In April 2024, the accused approached Dr Arun Kumar Jain with an investment scheme. He claimed to have strong connections with diagnostic centres and pathology labs in Mumbai, which allegedly required advanced medical machinery for blood tests and other medical services. The proposed scheme promised Dr Jain substantial monthly returns, offering Rs.7.5 lakhs per month for the first four months, Rs.5.8 lakh per month for the next six months, and Rs. 50,000 per month for 26 months, in exchange for an investment of Rs. 30 lakhs.

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Following his suspicion Dr Jain confronted Vikas, and he gave vague excuses and began avoiding them. By mid-June 2024, the accused closed his medical shop and disappeared. 

Realizing they had been swindled, Dr Jain filed a complaint with the Dahisar Police, who swiftly began their investigation. During the probe, it was uncovered that the accused had defrauded not only Dr Jain but also several other individuals, including Mujit Patel and Vijay Kolekar, using similar schemes. In total, the accused had misappropriated Rs.42 lakh from the victims.

After registering a case of fraud and misappropriation, Dahisar Police formed a special team to track down the accused medical professional. Following a four-month search, the police were able to apprehend the accused who is now in police custody.