Overview
- Police named chairman Shivaji Walke and directors Ghanshyam Sharma and Shakeel Khan of Bio Estate Solution Pvt. Ltd. in the cheating case.
- Khan alleged he invested Rs6,46,800 in BioCoin in January 2019 before he, his wife, his brother-in-law, and a friend put in Rs43 lakh under the MRIS plan.
- According to the complaint, monthly payouts of Rs20,000 arrived for nine months and then stopped in 2020 as the Dharavi office shut during the pandemic.
- In February 2023, the directors allegedly offered a Rs39 lakh settlement with TJSB Cooperative Bank cheques; about Rs4 lakh cleared and several cheques bounced.
- Police registered the case under relevant Bharatiya Nyaya Sanhita sections and said more Dharavi residents reported losses, with reports noting Walke’s earlier arrest by the Goa Police Economic Offences Cell in a related matter.