MUMBAI: A 32-year-old Pune-based share market consultant was duped of ₹14.65 lakh by a man who impersonated as an official from the Reserve Bank of India (RBI) and under pretext to convert black paper into genuine currency notes using chemicals.The Matunga police have registered an FIR of cheating on the complaint filed by Akshay Khade, who is physically disabled and works in share market . Khade told police that he first met the accused, Arvind Baban Lambe, in 2017 and reconnected with him in 2024 through Facebook.According to the police, Lambe called Khade to Mumbai in November 2024 and introduced him to Vikas Shinde and another unidentified man at a hotel near Dadar railway station. The trio allegedly claimed they were RBI officials and demonstrated a process in which black paper dipped in liquid appeared to transform into ₹500 currency notes. To gain Khade’s confidence, the notes were deposited in a bank and confirmed to be genuine.Believing the claim, Khade paid ₹1.5 lakh in cash for the chemicals and papers. When the process failed at home, the accused later offered a larger deal, promising ₹47 lakh in exchange for ₹15 lakh. Khade allegedly arranged ₹10 lakh from friends and handed it over at Dadar station in December last year. An additional ₹3.15 lakh was transferred via NEFT, while another woman allegedly paid ₹50,000 directly to the accused.When the accused stopped responding, the matter reached the police. During questioning at Tulinj and Achole police stations, Lambe allegedly admitted to cheating and promised to return his money. Khade has now sought legal action against Lambe, Shinde and the unidentified accomplice. Police are verifying the allegations and financial trail.
