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₹10 Crore Moringa Scam Uncovered in Mumbai
6 Mar
Summary
- Two individuals and their companies defrauded over 150 investors.
- Investors were promised ₹12 lakh return on a ₹5 lakh investment.
- The scam involved a bogus moringa powder cultivation and export scheme.
A significant scam amounting to ₹10 crore has been uncovered in Mumbai, centered around a popular superfood, moringa powder. Police have booked two individuals, Sachin Fadtare and Nikhil Shelar, along with their companies Neogreen Ventures Private Limited and MS Neogreen Agriculture LLP, for allegedly defrauding more than 150 investors. The accused operated from an office in Shivaji Park, promoting a bogus scheme linked to moringa powder cultivation and export.
Investors were enticed with promises of high returns, reportedly offering ₹12 lakh on an investment of ₹5 lakh over a five-year period. One victim, Aarti Thackeray, invested ₹6 lakh after being approached by a sales manager in December 2022. While monthly payments were initially made from January to July 2023, the accused later defaulted. Investigations revealed the non-existence of the promised investment scheme, leading to the case being transferred to the Economic Offences Wing.
