A Mumbai resident was allegedly defrauded of ₹7.99 crore after being promised help settling a company's outstanding GST liability of around ₹11 crore. The Bandra-Kurla Complex police have registered a case against three people in connection with the alleged fraud, though no arrests have been made so far.
How an ₹11 Crore Liability Became His Problem
According to the complaint, 50-year-old Dadar resident Amit Tipnis had previously worked as a manager at a company that stopped operations during the Covid-19 pandemic in 2020. After the company shut down, liabilities of around ₹11 crore connected to the business reportedly fell on Tipnis.
In September 2023, Tipnis was introduced to Hiren Bhagat and Akash Gupta through advocate Prakash Nichani. The two allegedly assured him they could help resolve the GST return filing-related issues and provide relief from the company's outstanding liabilities, presenting themselves as people with genuine influence over the dispute. They also allegedly advised him to file a complaint in Guwahati against Sachin Adhikari, who was associated with the company.
Promises That Kept Him Paying
Bhagat and Gupta allegedly claimed they could resolve the GST dispute and relieve him of the outstanding liability, positioning themselves as capable intermediaries who could navigate the tax authorities on his behalf. These assurances, according to the complaint, are what kept Tipnis following their instructions and continuing to make payments over time.
What Changed After Bhagat's Arrest in Another Case
Bhagat was arrested in an unrelated case in January 2024. Afterward, Akash Gupta reportedly stayed in contact with Tipnis, instructing him to deposit money into different bank accounts. Gupta allegedly claimed he had contacts inside the GST department and warned Tipnis his bank accounts could be frozen if the required payments weren't made.
What made this warning feel credible: Tipnis' bank account in Vashi was subsequently actually frozen by GST authorities, an event that, according to the complaint, only strengthened his belief that the accused genuinely had connections within the department, rather than raising suspicion.
How the ₹7.99 Crore Was Allegedly Transferred
Following these assurances and warnings, Tipnis allegedly transferred large sums into different bank accounts provided by the accused, who kept assuring him the dispute would be resolved and financial restrictions eventually lifted. In total, the complaint states he transferred ₹7.99 crore to various accounts specified by the accused, on top of ₹5 lakh paid as a fee to chartered accountant Poojan Parmar. Despite all these payments, the GST dispute and the company's liabilities reportedly remained entirely unresolved throughout.
When Tipnis Started Asking Questions
According to the complaint, Tipnis stayed in contact with the accused from August 2024 onward, repeatedly seeking updates on the promised resolution. Despite continued reassurances, no concrete solution ever materialised, and as the matter dragged on without progress, he began pressing the accused directly about where his money had gone and the actual status of the GST case.
An Alleged Threat in Worli
In March, Tipnis reportedly met the accused in Worli specifically to discuss the unresolved matter. According to the complaint, Hiren Bhagat allegedly threatened him during that meeting. Following the alleged threat, and with the GST matter still unresolved, Tipnis approached the Bandra-Kurla Complex police and filed a formal complaint.
What Police Are Investigating Now
The Bandra-Kurla Complex police have registered a case against three people and launched an investigation into the alleged fraud. Investigators are examining the bank accounts the money was transferred into, the underlying financial transactions, communications between the accused and the complainant, and the specific claims made about having contacts within the GST department. A central goal now is establishing exactly where the ₹7.99 crore ultimately ended up and how those funds were subsequently used. No arrests have been reported so far.
FAQs
Q1. How much money is Tipnis alleged to have lost?
₹7.99 crore, transferred to various accounts provided by the accused, on top of a separate ₹5 lakh fee paid to a chartered accountant.
Q2. What did the accused allegedly promise him?
That they could resolve his company's outstanding GST liability of around ₹11 crore and provide relief from the dispute.
Q3. Why did Tipnis reportedly believe the accused had genuine GST department connections?
Because his Vashi bank account was actually frozen by GST authorities after the accused warned this could happen if payments weren't made, an event that appeared to validate their claims.
Q4. Has anyone been arrested in this case?
No. Three people have been named in the case, but no arrests have been reported so far as investigation continues.