Udupi-Origin Woman Land in Mumbai Jail for Rs 10 Lakh Stock Market Investment Fraud

By Editor

Posted on July 10, 2026

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Udupi-Origin Woman Land in Mumbai Jail for Rs 10 Lakh Stock Market Investment Fraud

Udupi : The Kandivali West police in Mumbai have apprehended a woman originally from Udupi for allegedly masterminding a stock market investment scam that defrauded a woman and her brother of Rs 10 lakh. Following her arrest on charges of cheating and check bounce, the accused has been remanded to judicial custody. The arrested individual has been identified as Deepika Manoj Shetty, a native of Kolalagiri Kukikatte in Udupi, and the action was taken based on a formal complaint lodged by 60-year-old Rajani Dayanand Shetty.

The deception began through a professional connection, as the complainant’s cousin, Harish Shetty, maintained an account with the stockbroking agency Nirmal Bang, where Deepika was employed. This professional link led to an introduction, culminating in a meeting at the Kamala Vihar Sports Club in September 2024. During this interaction, Deepika induced Rajani into investing in the share market by dangling an unrealistic financial bait, claiming that a principal investment of Rs 1 lakh would generate a staggering monthly return of 20% (Rs 60,000) after an initial lock-in period of three months.

Gullible to the lucrative promises, Rajani executed multiple electronic fund transfers via RTGS from her Axis Bank account to Deepika’s Punjab National Bank account, totaling Rs 9,00,000 between October and December 2024. Mirroring his sister’s trust, Harish Shetty also transferred Rs 2,00,000 from his Bharat Bank account into the accused’s account. However, once the funds were secured, Deepika defaulted on both the promised monthly dividends and the core principal amount, leaving the investors stranded.

When Rajani aggressively pursued the accused for refunds, Deepika attempted to stall by issuing checks totaling Rs 8,58,600 from her accounts at Punjab National Bank and Canara Bank. The financial facade crumbled when the checks bounced due to insufficient funds, after which Deepika deliberately went into hiding and avoided all communications. Realizing they had been systematically swindled out of Rs 10 lakh (consisting of Rs 9 lakh from Rajani and Rs 1 lakh from her brother based on final estimations), Rajani approached the law enforcement authorities for stringent legal action.

The subsequent investigation was spearheaded by Kandivali Police Assistant Inspector Sohan Suresh Rao Kadam under the direct supervision of Chief Inspector Karan Gunaji Soni. Upon her arrest, when Deepika failed to settle the defrauded amount, she was officially transferred to the Byculla Women’s Prison (District Jail) located in Nagpada, Mumbai Central, pending further legal proceedings.