The Mumbai Police have registered a case against a man for allegedly cheating Marathi and Hindi film actor Varsha Usgaonkar and four others out of ₹47 lakh in a suspected investment fraud, officials said on Thursday.
The First Information Report (FIR) was filed on a complaint alleging that the accused lured the group with promises of high returns on a real estate investment.
According to the FIR lodged at Shivaji Park Police Station, the complainant, Mrunalini Subhash Jambhale, claimed the accused, identified as Avinash Jadhav, introduced himself as a builder and film producer and persuaded her to invest in a construction project in Dombivli, a suburb of Mumbai. Jadhav reportedly assured the investors that their money, along with promising profits, would be returned within a year.
Between November 2019 and February 2020, Jambhale, Usgaonkar and three others transferred a total of ₹47 lakh to Jadhav through cheques and online bank transfers, according to the police account. Initially, Jadhav paid back around ₹4.52 lakh as partial returns, which appeared to reinforce trust in the investment. However, subsequent payments ceased, raising suspicions among the investors.
When Jambhale repeatedly tried to contact Jadhav for the remaining returns, he allegedly became unresponsive and changed his phone number and address, making further communication difficult. At one point, when some of the investors tracked him down in Dombivli to seek clarification, he is said to have refused to return their money and issued threats, according to the complaint.
Following the complaint, police booked Jadhav under Sections 420 (cheating) and 506 (criminal intimidation) of the Indian Penal Code. Assistant Police Inspector Shailesh Shejul has been assigned to the case, and investigators have begun examining transaction records and attempting to locate the accused. Authorities are also probing whether others were similarly defrauded.
Varsha Usgaonkar, a prominent figure in Marathi cinema since the late 1980s and known for her roles in several Hindi films and television series, including Mahabharat, has remained active in entertainment through television and reality shows. The alleged fraud has drawn attention not only due to the involvement of a well-known actress but also as an example of investment scams that exploit personal networks and promises of lucrative returns – especially in sectors like real estate.