Main accused in Moneyedge scam flees to Dubai, LOC issued

EOW issues Look Out Circular against Rajeev Jadhav in ₹100 crore Moneyedge Group cheating case, with two partners arrested and one fleeing to Dubai.

MUMBAI: The Economic Offences Wing (EOW) of the Mumbai police has issued a Look Out Circular (LOC) against one of the partners and the main accused in the Moneyedge Group cheating case in which around 3,000 investors were allegedly cheated of ₹100 crore by the Mulund-based consultancy firm. The police said that two partners had been arrested, the third had approached the court for pre-arrest bail while the fourth had fled to Dubai.

Main accused in Moneyedge scam flees to Dubai, LOC issued

“We have issued an LOC against Rajeev Jadhav, a Nashik resident who we believe has fled to Dubai,” said a police officer. “Jadhav was instrumental in setting up Moneyedge in 2013 with Hariprasad Venugopal—both used to work in a financial institution and resigned to start the company along with civil engineer Pranav Raorane and Priya Prabhu. Prabhu was a postal department employee who took voluntary retirement from her government job to join Moneyedge and brought her investors with her.”

Under the pretext of portfolio management, the partners would take money from investors by promising returns of around 24% per annum. They even distributed gold loans at low interest rates. “Prabhu has appeared before the courts through her counsel,” said the police officer. “However, we have learnt that Jadhav has fled from India, most probably to Dubai, and therefore a LOC has been issued against him.”

The Moneyedge Group of Companies operated several sub-companies like Moneyedge Financial Corp, Moneyedge Investments, Moneyedge Realtors and Moneyedge Capital services. The company stopped paying the 2% monthly interest from May 2024. After investors started gathering outside their offices, they kept promising that they would start paying the interest again but did not.

“Rahul Potdar, an investor who has put in ₹2.80 crore along with his family members since January 2022, lodged the complaint based on which an FIR was registered,” said an EOW police officer, adding that around 100 other defrauded investors also approached the police after that. The police said they have learnt of more major investors who are out of India and will soon approach them.

“We have seized 12 flats, ten shops and 25 acres of land at Shahapur in Thane and Pali in Raigad,” said the police officer. “We have also seized 20 demat accounts and various bank accounts operated by the company.”

The police have registered a case under Sections 409 (criminal breach of trust by public servants, bankers, merchants), 420 (cheating) and 34 (common intention) of the Indian Penal Code and another case under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act.