High returns promised on land purchase, pension schemes
Panaji: The Economic Offences Cell (EOC) of Goa Police has filed a chargesheet before the District and Sessions Court, North Goa, against nine accused persons and two firms in a Rs 2.90 crore investment fraud case. The matter will come up for hearing on April 13.
The accused named in the chargesheet are Shivaji Walke, Subhash Dhuri, Digamber Bhat, Sarika Pilankar, Soma Gaonkar, Ghanshyam Sharma, Shakeel Ismail Khan, Kajal Tejas Chudasama and Niranjan Das, along with Bio Estate Solutions Pvt Ltd and Cinema on Web.
EOC said the main accused, Shivaji Walke (48), was arrested in January this year, while four agents — Dhuri, Bhat, Pilankar and Gaonkar — were arrested earlier in connection with the case. Sharma, Khan, Chudasama and Das are absconding, police said.
Police said Walke, a resident of Mumbai, Maharashtra, is a chartered accountant by profession and a director of Bio Estate Solutions Pvt Ltd. Referring to the fraud, police said investors were allegedly cheated to the tune of Rs 2.90 crore under the pretext of high returns on investments towards land purchase, pension schemes and cryptocurrency. Police said an FIR was registered in June 2025 against Bio Estate Solutions Pvt Ltd and its directors.
The complaint was filed by Venon Dias from St Estevam, Tiswadi. The head office of Bio Estate Solutions Pvt Ltd was located in Mumbai, while its branch operated in Mapusa, police said. According to police, the accused operated the Mapusa office without valid permission from the concerned authority, hatched a criminal conspiracy, and induced the complainant and other investors to invest in the company.
The accused promised high returns across four verticals (schemes), namely purchase of land located at Torxem, Pernem under bio estate, pension scheme under bio estate, biokkoin under bio estate (cryptocurrency), and CoW coin under Cinema on Web (cryptocurrency). However, the accused failed to repay the promised returns or maturity amounts to investors, thereby cheating the complainant and others.
