Mumbai: As cops untangle finfluencers case, investors suffer

Ashesh and his wife Shivangi Mehta who ran Bliss Consultants

Several investors of Bliss Consultants - owned by Goregaon-based couple Ashesh and Shivangi Mehta - find themselves grappling with a severe financial crisis. With the Mehtas's arrest and delays in the ongoing legal proceedings in the case, their livelihoods hang in the balance. As the court hearings remain mired in delays, the anxious investors have come forward to plead with the justice system for a swift resolution.

Speaking with mid-day, some of the aggrieved investors highlighted their struggles and appealed for their concerns to be brought to the attention of the administration. They urged expedited measures to address their predicament so their financial distress may come to an end.

Investor 1

"In March 2022, I invested my entire life's savings amounting to around Rs 1.7 crore in Bliss Consultants. The monthly profits from this investment supported my family. Everything seemed stable until June 2023, when the situation took a drastic turn due to Mehtas being named in a drug case and their subsequent arrest by the Mumbai police. Court proceedings ensued, and our monthly income ceased, plunging my family into financial turmoil. Around that time, my mother was diagnosed with cancer, compounding our mental and financial struggles," said Krunal Veera, 40.

Also Read: Goregaon couple case: Complainant firm has driver and retirees as its directors

Radhika Borkar with one of the injured animals she looks after

Veera runs a retail business in Mumbai and resides with his wife, two children and mother. His father passed away a few years ago. "My mother's battle with cancer has drained our savings, leaving us financially strained. Every penny earned from my retail business now goes towards her treatment, which costs R45,000 for each chemotherapy session. I am now compelled to seek a loan to sustain our expenses," he said.

According to Veera, the investment in the Mehtas' company, which was intended to be a financial safety net, has left the family in limbo due to the ongoing legal proceedings. He asserted that he firmly believed that the Mehtas were caught up in a conspiracy, being falsely accused by malicious actors. "I have known Mehta personally and I'm convinced of his innocence. I implore the court to expedite the trial proceedings and take decisive action against the perpetrators. Furthermore, I urge the release of frozen funds from the Mehtas' accounts to compensate the investors who have been adversely affected by their ordeal," he said.

Investor 2

Vaibhav Gomkar, 43, a resident of Bangalore working in the IT sector, is the sole breadwinner of his family. Supporting his elderly parents, he also shoulders the responsibility of nurturing and educating his two younger brothers while managing household expenses. With aspirations of securing his future and attending to necessary house repairs, Vaibhav opted to invest his savings into Bliss Consultants. His family members pitched in to make the investment possible, with the hope of realising their dreams collectively.

Radhika Borkar would treat sick animals using the returns from her investments

For two years, their investments seemed promising. However, their returns came to an abrupt halt as Bliss Consultants got caught up in legal proceedings related to the Mehta couple. The unexpected turn of events left their financial assets frozen, causing uncertainty about their future. Speaking with mid-day, Gomkar said, "I have two brothers without a steady income stream and wanted to build a house in my hometown. But the plan was abandoned due to the case. I look forward to this issue being resolved swiftly so that Ashesh Mehta can start paying investors."

Investor 3

Shobhna Mehta, 57, said she is on the verge of becoming homeless. Shobhna told mid-day that she purchased a house in Ahmedabad several years ago by taking a loan and utilising funds obtained after taking voluntary retirement from her job. Around R25 lakh from her retirement funds were invested in Bliss Consultants. "Initially, I managed to sustain the house's EMI payments from the profits earned through Bliss. However, following the case involving Mehta, my income abruptly ceased, leaving me without any means to continue paying monthly instalments.

What exacerbates my predicament is that I am an unmarried woman with no one to rely on for support. The profits generated from Bliss were my lifeline, sustaining my livelihood. Yet, with the cessation of these profits, I now find myself facing dire circumstances." According to Shobhna, she applied for her investment amount to be returned after learning about the legal proceedings. However, unlike some who received their refunds on June 19, she was to receive them on June 20. "This one-day delay compounded my financial woes," she said.

The Ahmedabad resident told mid-day that she was previously employed in a government job, but opted for voluntary retirement due to deteriorating health. "I am now compelled to borrow funds to meet my EMI requirements. Unfortunately, my situation is compounded by the fact that many of my acquaintances - including my grandfather - have also invested with Mehta and are facing similar predicaments. I earnestly implore the government to expedite the return of my funds to prevent me from descending into homelessness."

Investor 4

Radhika Borkar, 41, a scriptwriter residing in Vangani, has invested around R18 lakh in Bliss Consultants. She has been using the returns on her investments to run a farmhouse in Vangani, where she provides care and treatment to around 18 sick dogs suffering from various ailments, including failing kidneys and liver issues, among other health complications. She has also been providing care to two sick cows on the premises.

However, with the abrupt cessation of income due to the legal proceedings, Borkar faces significant challenges in maintaining the well-being of these animals as her profits from her Bliss' investments were exclusively dedicated to funding the treatment and care of these sick and abandoned animals. At present, Radhika is compelled to divert funds from her salary to cover the expenses associated with the animals' treatment. This sudden shift has caused considerable difficulties since her salary was previously allocated to meet her household expenses.