Archive · 11 Jan 2026
₹16.36-Crore Fraud Case: Kurla Police Book Executives
A man named Ashutosh Hemant Joshi was tricked into investing ₹16.36 crore in a steel factory.
The people he trusted, including directors of Omkara ARC and Vidhaata Metals, promised to sell him the factory's assets at a low price.
They took his money but didn't give him the assets.
Later, he found out they had secretly started legal proceedings to take over the factory without telling him.
The police have now filed a case against these people for cheating and criminal conspiracy.
Joshi is also fighting in court to keep the assets he paid for.
Kurla police filed a case against executives of Omkara ARC, Vidhaata Metals, and Kalpataru Fincap for allegedly cheating Ashutosh Hemant Joshi out of ₹16.36 crore.
Joshi was promised Vidhaata Metals' factory assets at a low price and invested in land, machinery, and operational expenses.
Omkara ARC secretly initiated insolvency proceedings against Vidhaata Metals without informing Joshi.
Joshi took possession of the factory in June 2022 but had to shut operations by December 2022 due to lack of vital documents and unresolved issues.
The case was registered under Sections 318(4) and 61(2) of the BNS Act for cheating and criminal conspiracy.
- Who
- Ashutosh Hemant Joshi (complainant), Manish Lalwani, Punit Kumar, Ishwar Samota (accused)
- What
- Alleged financial fraud of ₹16.36 crore
- When
- FIR registered on 6 January 2025, fraud allegedly occurred between 2021-2024
- Where
- Kurla, Mumbai, with operations in Palghar district
- Why
- Accused allegedly promised cheap assets and cheated Joshi out of ₹16.36 crore
- Complainant
- Ashutosh Hemant Joshi
- Accused Companies
- Omkara ARC, Vidhaata Metals, Kalpataru Fincap
- Accused Individuals
- Manish Lalwani, Punit Kumar, Ishwar Samota
- Amount Involved
- ₹16.36 crore
- FIR Date
- 6 January 2025
- Sections Invoked
- 318(4) and 61(2) of BNS Act
- Location of Factory
- Varale village, Wada taluka, Palghar district
- Pending Dues
- ₹4.30 crore