Shirdi Money Doubling Scam: Rs 300 Crore Fraud Exposed, Key Accused Nabbed

A massive financial scam worth over Rs 300 crore has come to light in Shirdi, where hundreds of people have reportedly been duped by a fraudulent money-doubling scheme. The scam was orchestrated by Grow More Investment Finance Company, allegedly led by Bhupendra Rajaram Savale Patil, who has now been arrested.

The company is accused of defrauding residents of Shirdi and surrounding districts with false promises of doubling their investments within a year. Many victims, including employees of the Sai Baba Sansthan Trust, were lured into the trap. Reports suggest that Bhupendra, with the help of his relatives and close associates, collected large sums of money from unsuspecting investors, claiming high returns in a short time.

Several Sai Sansthan employees are said to have taken loans from their staff cooperative societies and invested the money with Bhupendra. Some even entrusted him with their retirement savings. Initially, he gained their trust by making partial repayments or offering reassurances. However, when the promised returns never materialized, suspicion grew.

Victims say that when they demanded their money back, Bhupendra kept delaying and eventually began threatening them, warning that filing a police complaint would result in permanent loss of their investment. Many people refrained from lodging complaints in the hope of recovering their money.

Adding to public outrage, a video surfaced showing Bhupendra hosting an extravagant engagement ceremony between February and June, reportedly spending large sums of money. The lavish display further fueled suspicions and prompted many victims to come forward and file official complaints at police stations in Shirdi and Rahata.

During the investigation, it was discovered that Bhupendra’s father and several other family members were also allegedly involved in the scam. After a thorough search operation, Shahada Police in Nandurbar district succeeded in arresting the main accused, who was found to be hiding abroad.

So far, police investigations have revealed that at least Rs 1.65 crore was collected from Sai Sansthan employees alone. The total scam, however, is estimated to be well over Rs 300 crore. Authorities have urged the public to be vigilant and avoid falling prey to schemes that promise unrealistic returns.