The Economic Offences Wing (EOW), Unit 2, has initiated an investigation into a ₹2.92 crore fraud after Sanpada Police registered an FIR against two brothers from Ulwe for allegedly duping multiple investors through high-return stock market schemes and a food delivery app venture.

Investors Lured with Assured High Returns

According to the FIR, the accused both residents of Sector 23, Ulwe operated a financial services firm from Sector 30A, Sanpada, where the alleged fraud occurred between November 2023 and December 2025. Police said the duo enticed a 46-year-old farmer from Hingoli and several others with promises of guaranteed and unusually high profits. Despite repeated assurances, the accused allegedly stopped responding and failed to return even the principal amount.

In total, inves

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