A special court in Mumbai has placed Rashmikant Thanawala and his son Dipen Thanawala in the custody of the Economic Offences Wing (EOW) until April 21 as part of an investigation into a ₹150 crore investment fraud. The duo allegedly raised funds over nearly a decade by promising investors fixed monthly returns of 2% and gains from initial public offerings (IPOs). However, instead of investing the money, they are accused of siphoning it off through various firms and accounts, with some funds allegedly routed overseas, impacting more than 50 investors. The court noted that preliminary evidence suggested that investor funds were misappropriated and emphasized the need for custodial interrogation to trace the money flow and identify assets bought with the diverted funds. The case originated from a complaint by a group of investors who described the scheme as a systematic financial fraud, claiming that initial payouts were made to build trust before payments stopped around late 2025. The investigation is expected to uncover the full extent of the fraud, including the use of fake digital evidence to mislead investors.