Mumbai: Special MPID Court Sentences Indian EMU Life Director, 2 Office Bearers To 6 Years In Jail For Cheating Investors Of ₹89.18 Lakh

Mumbai, October 29, 2026 - The special MPID court has sentenced Indian EMU Life Pvt Ltd's director and two office bearers to six years in prison for cheating investors out of Rs 89.18 lakh in 2010. Harish Dixit, the company's director; Manoj Pawar, the managing director; and Chetan Dane, the sales manager, were found guilty.

The prosecution alleged that the company launched a fraudulent scheme in 2010 and 2011, accepting deposits by promoting an "emu bird eggs" scheme. The scheme promised returns, including bonuses on the deposited amount, over various periods. One investor, who had invested Rs 5.04 lakh, claimed to receive Rs 1 lakh back within 25 days. He made a subsequent deposit of Rs 4.04 lakh for his wife, but never received any returns. The couple eventually reported the scheme to the Bhandup police station.

The public prosecutor argued that the investors were lured by the company's promise of double returns within 45 days. The prosecution contended that it was impossible to return the money within such a short timeframe, describing the situation as a deceit perpetrated by the accused on the depositors. The defense argued that the investors should have waited until the maturity date before lodging their complaint, but the court rejected this claim.

It stated that once the depositors learned the company's Bhandup office was closed, they would have immediately approached the police without waiting for the maturity date.