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The Ghatkopar police have booked self-proclaimed “finfluencer” and forex trader Mangesh Chavan for allegedly defrauding a local business family of Rs 22 lakh. 

Chavan, a resident of Ghatkopar West who ran a YouTube stock trading channel, allegedly lured the family with promises of up to 15 per cent monthly returns. 

According to the police, he used his profile as a successful trader and claimed past investor profits to gain their trust. 

Family target

The complainant, a 43-year-old homemaker from Bhattwadi in Ghatkopar West, said Chavan was introduced to the family through a common acquaintance in late 2024. The acquaintance allegedly gained the family’s trust before introducing them to the accused.

As per the police, Chavan frequently visited the family’s house and business and convinced the complainant and her son to invest. The family, which runs a grocery and milk distribution business, transferred around Rs 15 lakh from multiple family bank accounts into accounts linked to the accused.

Trust game

A police officer told mid-day, “The accused issued security cheques and initially returned around R4.2 lakh as profits through different accounts to gain the family’s confidence. Later, he allegedly claimed the market had become unstable and that his trades were suffering losses.”

The complainant alleged that despite repeated demands, Chavan avoided repayment. He later allegedly signed a notarised Memorandum of Understanding (MoU), assuring repayment of the money.

2024
Year the complainant first met the accused

Fraud continues

Despite the MoU, the accused allegedly failed to repay the amount and instead convinced the family to invest an additional Rs 6.95 lakh, claiming he would recover earlier losses through fresh trades. The complainant approached the police after the cheques issued by the accused bounced. Based on the complaint, the Ghatkopar police registered a case under Section 318(4) of the BNS for cheating.