Varsha Usgaonkar Falls Victim To ₹47 Lakh Investment Fraud; Mumbai Police Register Cheating Case

Veteran actress Varsha Usgaonkar has reportedly become one of the victims in an alleged investment fraud case worth nearly ₹47 lakh. Following the complaint, the Mumbai Police have registered an FIR against builder and film producer Avinash Jadhav and initiated an investigation into the matter.

According to reports, the complaint was lodged by actress Mrinalini Subhash Jambhale, who stated that she had a professional acquaintance with Jadhav. In her statement to the police, she alleged that Jadhav introduced himself as a builder and film producer and persuaded her to invest in a construction project in Dombivli by promising lucrative returns and repayment of the principal amount within a year.

As per the complaint, between November 2019 and February 2020, Jambhale, along with Usgaonkar and three other investors, collectively invested around ₹47 lakh in the project. The payments were reportedly made through cheques and online bank transfers after the accused assured them that the investment would generate substantial profits.

Initially, the investors received a small portion of the promised returns. The complaint states that Jadhav allegedly paid approximately ₹4.52 lakh to the group as part of the returns. However, the payments eventually stopped, raising suspicion among the investors.

When the investors tried to contact him, the accused allegedly became unreachable, frequently changing his mobile number and addresses to avoid communication. The complainants later confronted him in Dombivli and demanded the return of their money, but he allegedly refused and even issued threats.

Following the complaint, the Shivaji Park Police registered a case against Jadhav under Sections 420 (cheating) and 506 (criminal intimidation) of the Indian Penal Code. Confirming the development, police said, “Shivaji Park Police have booked Avinash Jadhav for allegedly cheating actresses Varsha Usgaonkar, Mrunalini Jambhale and others of ₹47 lakh in an investment fraud case.” Authorities have now begun a detailed investigation into the alleged fraud.

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