Mumbai Economic Offences Wing files a detailed chargesheet in a multi-crore cheating case involving celebrity makeup artist Cherag Bombboat | File Photo
Mumbai, Dec 24: The Economic Offences Wing (EOW) of the Mumbai Police has filed a chargesheet running into nearly 1,500 pages before the Esplanade Court in connection with a ₹6.15 crore cheating and criminal breach of trust case involving celebrity makeup artist Cherag Bombboat. Police sources said the chargesheet cites statements of around 12 witnesses.
Wife, firm and associate named as accused
Apart from Cherag Bombboat, the chargesheet names M/s Art by Cherag Bombboat LLP, his wife Tamsin Shaikh and Rakesh Shetty as accused. The case was originally registered in January 2025 by Gamdevi police under Sections 406 (criminal breach of trust), 409 (criminal breach of trust by a public servant, banker, merchant or agent) and 120B (criminal conspiracy) of the Indian Penal Code.
Complainant claims he was induced to invest in makeup business
According to investigators, the complainant, Viraj Shah, an industrial chemical trader, was allegedly cheated after being induced to invest large sums of money in Bombboat’s makeup and skincare ventures.
Shah stated that the fraud began in 2021 after he was approached by Daryus Bombboat, an interior designer and friend, who informed him about the financial difficulties faced by his brother Cherag during the COVID-19 pandemic.
Initial meetings and equity promise outlined
In April 2022, Shah met Cherag Bombboat, who claimed his company, Magical Makeover Pvt. Ltd., was engaged in training students in professional makeup artistry and was highly profitable prior to the pandemic.
Bombboat allegedly sought investment, promising Shah a 49% equity stake. Trusting the proposal, Shah transferred ₹41 lakh between April and December 2022.
Investment allegedly rose to Rs 3.16 crore by 2023
By October 2023, Shah’s total investment had allegedly risen to ₹3.16 crore, during which Bombboat reportedly shared periodic expense updates to maintain confidence. In December 2022, Bombboat proposed a new skincare treatment business and introduced Shah to co-accused Rakesh Shetty.
Loans raised, Rs 6.15 crore transferred to LLP
Shah subsequently raised loans worth ₹6.49 crore through his firm, Heavy Chemicals Corporation, and transferred ₹6.15 crore to M/s Art by Cherag Bombboat LLP.
Partnership promise allegedly not honoured
The complainant alleged that despite repeated follow-ups, a formal partnership agreement was never executed. A notarised document signed on July 15, 2023, acknowledged Shah’s goodwill investment and promised him a 25% partnership, which was never honoured. When Shah demanded financial transparency, the accused allegedly avoided sharing details.
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Funds allegedly diverted for personal use
Later, bank statements obtained through Bombboat’s chartered accountant reportedly revealed that the invested funds were diverted for personal use instead of business purposes. Following this, Shah approached the police, leading to the registration of the case and a subsequent investigation by the EOW.
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