Mumbai: Special MPID Court Sentences Indian EMU Life Director, 2 Office Bearers To 6 Years In Jail For Cheating Investors Of ₹89.18 Lakh

Mumbai, October 29, 2026: The special MPID court has convicted Indian EMU Life Pvt Ltd, its director and office-bearers for cheating investors of Rs 89.18 lakh in 2010. They have been sentenced to six years of imprisonment.

The three office-bearers held guilty are Harish Dixit, director of the company; Manoj Pawar, managing director; and Chetan Dane, sales manager.

Investors Lured By Emu Egg Scheme

The prosecution claimed that the company launched a scheme in 2010 and 2011 to accept deposits by booking emu bird eggs, offering returns in the form of bonuses on the deposit amount over periods of two months, one year, two years or three years.

The complainant, one of the investors, had invested a total of Rs 5.04 lakh. He claimed that he received Rs 1 lakh against the initial investment within 25 days. He subsequently invested Rs 4.04 lakh in the name of his wife. However, as he could not get any returns, the couple lodged a complaint with Bhandup police station.

Prosecution Cites Assurances Of Double Returns

The public prosecutor contended that the witnesses, who were investors in the case, had approached the company's office after reading its advertisement. They were assured that they would receive double the amount in 45 days. It was impossible to return the amount within such a short span of time, the prosecution argued, describing this as the deception practised by the accused on the depositors.

Court Rejects Defence Argument

The defence contended that the investors ought to have waited until the date of maturity before lodging the complaint.

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The court, however, did not accept the defence and said, "Once the depositors came to know that the office of the company at Bhandup is closed, being common men, they would have approached the police without waiting for the date of maturity. Hence, it cannot be accepted that the date of maturity was after the complaint and therefore, the complaint was lodged prior to the maturity."

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