Mumbai Fraud: 2 Equentis Executives Booked For Allegedly Cheating 5 Investors Of ₹2.28 Crore By Promising 12–15 Per Cent Monthly Returns

Mumbai, October 29, 2026: The N.M. Joshi Marg police have registered an FIR against two senior executives of Equentis Wealth Advisory Services Pvt Ltd for allegedly cheating investors of Rs 2.28 crore by promising fixed monthly returns of 12–15 per cent through stock market investments.

The accused have been identified as Preeti Daniel Kangare, an assistant general manager, and Pragya Shetty, a manager at the company, which operates from Marathon Futurex in Lower Parel.

According to the complaint, the accused allegedly persuaded investors to transfer money into their personal bank accounts instead of the company’s account, citing potential taxation issues.

Investors Allegedly Lured With High Returns

As per the FIR, the complainant, Vaibhav Kuldeep Swarnkar, 34, a private-sector employee residing in Goregaon West, first came across an online advertisement in 2021 for Research and Ranking.com Services Pvt Ltd. Interested in investing in the stock market, he contacted the company through its toll-free number and subsequently purchased a lifetime advisory membership.

Swarnkar initially earned good returns by following the company's stock recommendations. However, losses began mounting in 2022, prompting him to raise complaints with its customer care department. His friend, Rohan Mittal, who had also purchased a lifetime membership, reportedly faced similar losses.

The company later changed its name to Equentis Wealth Advisory Services Pvt Ltd, the complaint stated.

Funds Transferred To Personal Bank Accounts

In August 2024, Mittal allegedly invited Swarnkar to a meeting with Kangare at the company's Lower Parel office. Swarnkar, accompanied by his brother Ambuj Soni, met Kangare and Shetty on August 16.

The two executives allegedly assured them that investing through them would generate substantial profits. They reportedly promised monthly returns of 12–15 per cent, claiming that investments exceeding Rs 1 crore would yield better returns.

The accused allegedly instructed investors to transfer funds to Kangare's Bank of Baroda and HDFC Bank accounts and Shetty's IDFC Bank account. They reportedly assured investors that an email would confirm the funds were intended for investment through Equentis.

As per the complaint, Swarnkar invested Rs 62.66 lakh, his wife Shruti Jadia Rs 28 lakh, his father Kuldeep Swarnkar Rs 26 lakh, his brother Ambuj Soni Rs 62.05 lakh and Mittal Rs 69.64 lakh. The total amount transferred was approximately Rs 2.48 crore, according to the FIR.

Payments Stopped After Initial Returns

Kangare allegedly paid returns at a rate of 16 per cent for the initial five to six months, amounting to Rs 1.06 crore. Payments subsequently stopped. A notarised memorandum of understanding was executed on June 17, 2025, following which partial repayments reportedly continued until March 2026, totalling another Rs 20 lakh.

After further payments ceased and repeated calls went unanswered, the investors approached the police.

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The police have registered a case under Section 3 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999, and Sections 318(4), 316(5) and 3(5) of the Bharatiya Nyaya Sanhita. Further investigation is underway.

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