Matunga Police probe scam where fraudsters posing as RBI officials duped a Pune investor using fake currency conversion trick | Representative Image
Mumbai, Jan 06: Two men posing as Reserve Bank of India (RBI) officials allegedly cheated a Pune-based investor of ₹14.65 lakh by staging a fake demonstration of converting black papers into Indian currency using chemicals. The Matunga police have registered a case and launched further investigation.
Victim reconnected with accused via social media
According to the FIR, the complainant, Akshay Gajanan Khade, 32, a resident of Purandar Colony in Haveli taluka of Pune district, works in share market investments.
Khade first met accused Arvind Baban Lambe, a resident of Chembur, in 2017 while working in marketing for an RO Aquaguard company. In 2024, Lambe reconnected with Khade through Facebook and later contacted him by phone.
Hotel meeting and fake RBI claim
On November 27, 2024, Lambe called Khade to Dadar, where they met at a hotel along with Vikas Shinde and another unidentified person. Lambe claimed that he worked with the RBI and that Shinde was his senior officer.
He further alleged that black papers dipped in a special liquid could be converted into currency notes, which were supposedly supplied to banks.
Chemical demonstration gains victim’s trust
To gain Khade’s trust, the trio performed a demonstration using chemicals and black papers, which appeared to transform into bundles of ₹500 notes.
To verify authenticity, Khade was taken to a cooperative bank in Dadar, where the notes were accepted as genuine. Convinced, Khade handed over ₹1.5 lakh for purchasing the chemicals and black papers.
More money handed over after assurances
However, when Khade attempted the process at home, the papers did not turn into currency. Despite growing suspicion, Lambe continued to lure him with promises of higher returns. In early December 2024, Lambe offered to convert ₹15 lakh into ₹47 lakh. Though Khade initially refused, he later gave in after repeated assurances.
Cash handed over at Pune lodge
After gaining Khade’s confidence, Lambe requested one final opportunity and met him the following day at a lodge in Bekrail Nagar, Hadapsar. Subsequently, Khade borrowed money from friends and travelled to Mumbai, where he allegedly handed over ₹13.50 lakh to Lambe.
Accused avoids victim, seeks more money
Thereafter, Lambe began avoiding Khade and failed to deliver the promised money. In May 2025, Lambe again contacted Khade, claiming he was trapped in a bank-related issue and demanded an additional ₹4 lakh.
Police intervention and written assurance
With the help of relatives, Khade called Lambe to Nalasopara, where police were alerted. Lambe was taken to the Tulinj police station and later to the Achole police station for questioning. During the inquiry, Lambe reportedly admitted to the fraud and gave a written assurance to return the money.
Second complaint and frozen bank account
Meanwhile, another investor, Babita Yerkar, who had invested money based on Khade’s assurance, lodged a separate complaint against both Khade and Lambe at the Chitalsar police station in Thane. Khade later learned that his bank account at a Pune cooperative bank had been frozen.
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Case registered by Matunga police
Finally, Khade approached the Matunga police station, where a case of cheating amounting to ₹14.65 lakh was registered against Lambe and Shinde under relevant sections of the Bharatiya Nyaya Sanhita (BNS) Act. Further investigation is underway.
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