Udupi-origin woman arrested in Mumbai for Rs 10 lakh stock market investment fraud

Mangalore Today News Network

Mumbai, July 10, 2026: The Kandivali West Police have arrested a woman of Udupi origin for allegedly cheating a woman and her brother of nearly ₹10 lakh by promising high returns on stock market investments.

The accused has been identified as Deepika Manoj Shetty, a native of Kolalagiri Kukikatte in Udupi district. She was arrested following a complaint lodged by Rajani Dayanand Shetty (60).

According to police, Rajani’s cousin, Harish Shetty, held an account with stockbroking firm Nirmal Bang, where Deepika was employed. Through this connection, Rajani came into contact with the accused.

During a meeting at the Kamala Vihar Sports Club in September 2024, Deepika allegedly persuaded Rajani to invest in the stock market, promising a 20 per cent monthly return on an investment of ₹1 lakh after three months.

Believing her assurances, Rajani transferred a total of ₹9 lakh in phases via RTGS from her Axis Bank account to Deepika’s Punjab National Bank account between October and December 2024. Her brother, Harish Shetty, also transferred ₹2 lakh to the accused’s account.

Police said that after receiving the money, Deepika neither paid the promised returns nor returned the principal amount. When Rajani repeatedly demanded her money back, the accused allegedly issued cheques worth ₹8.58 lakh from her Punjab National Bank and Canara Bank accounts. However, the cheques were dishonoured due to insufficient funds.

After realising they had been duped, Rajani filed a complaint at the Kandivali Police Station, seeking legal action against the accused.

The investigation was taken up by Assistant Police Inspector Sohan Suresh Rao Kadam under the supervision of Chief Inspector Karan Gunaji Soni. Following her arrest and failure to repay the alleged cheated amount, Deepika Shetty was remanded to judicial custody and sent to the Byculla Women’s Prison in Mumbai.