Mumbai: In a major crackdown, the Economic Offences Wing (EOW) of Mumbai Police has frozen 17 bank accounts, seized 8 flats, and 4 plots of land linked to the MoneyAge Group of Companies. The investment advisory firm allegedly duped around 3,000 investors of ₹100 crores by promising a 24% annual return through portfolio management services. So far, 150 investors have filed complaints of fraud amounting to ₹28 crores with the EOW.
The directors and partners of MoneyAge Group, including Rajiv Jadhav, Hariprasad Venugopal, Pranav Raorane, Priya Prabhu, and others, founded the firm in 2013. They established subsidiaries like MoneyAge Investment, MoneyAge Fincorp, MoneyAge Realtors, and MoneyAge Capital Services to attract investments. The accused collected funds illegally under various investment projects and misused the money, violating SEBI regulations.
Following complaints from investors, the EOW conducted a preliminary investigation and registered an FIR at Mulund police station. Hariprasad Venugopal and Pranav Raorane have been arrested, while the prime accused, Rajiv Jadhav, remains absconding. Priya Prabhu has secured relief from the court, having been granted anticipatory bail.
During the investigation, crucial documents and evidence were seized from the offices and residences of the accused. Authorities have frozen 17 bank accounts linked to the scam, and further verification of the seized accounts is underway.
