Panaji, February 25, 2025 – The Economic Offences Cell (EOC) of Goa Police has filed a chargesheet against Myron Rodrigues and his wife Deepali Parab for allegedly cheating investors of ₹41.54 lakh in a fraudulent investment scheme. The accused, who are currently absconding, are accused of running a Ponzi scheme that promised high returns but ultimately misappropriated funds for personal use.
The Case Details
The case, registered under sections 406 and 420 of the Indian Penal Code (IPC) and sections 3 and 5 of the Goa Protection of Interests of Depositors (GPID) Act, was initiated based on a complaint filed by Ivon Suresh Joaquim Almeida of Navelim, Salcete. Almeida alleged that between March 1, 2023, and August 9, 2023, Rodrigues and Parab induced him to invest ₹49 lakh in the stock market and other financial instruments, promising returns of 25-45%.
While Rodrigues initially returned ₹12.45 lakh, he failed to pay the remaining principal amount or the promised returns, leading to a total fraud of ₹41.54 lakh. The EOC investigation revealed that the accused had created a complex web of financial transactions involving multiple bank accounts and companies to siphon off funds.
Assets Seized and Legal Actions
In a significant move, the EOC has blocked a villa and three flats belonging to Rodrigues, along with three flats owned by his ex-wife, Sunita Rodrigues. Bank accounts holding ₹1.94 lakh have also been frozen. A blue notice has been issued for Rodrigues, and a red corner notice is in the pipeline.
Ongoing Investigations
This case is not isolated. Rodrigues and his associates are under investigation in multiple cases across Goa and Mumbai. In a related case, the Crime Branch of Ribandar is investigating a fraud involving eight accused, including Sunita Rodrigues and Deepali Parab. Sunita was arrested in December 2024 and released on conditional bail after 20 days in custody.
In Mumbai, the MHB Police Station has registered a case against Rodrigues and Sunita for allegedly duping a Mumbai-based investor of ₹5.15 crore. Sunita is currently in judicial custody in this case.
The Enforcement Directorate (ED) is also probing the money trail and has attached properties belonging to Rodrigues and Parab.
A Broader Pattern of Fraud
The case highlights the growing menace of Ponzi schemes in India, where fraudsters lure investors with promises of high returns but ultimately vanish with their money. The GPID Act, under which Rodrigues and Parab have been charged, was enacted to protect depositors from such fraudulent schemes.
As the EOC intensifies its efforts to bring the accused to justice, this case serves as a stark reminder for investors to exercise caution and conduct due diligence before investing in high-return schemes. The chargesheet filed on February 25, 2025, marks a significant step in holding the accused accountable and recovering the defrauded funds.
