Court Issues Process in ₹4.44 Crore Loan Fraud Case; 15 Notices Served on Accused in Two Criminal Complaints Filed by Actor Aayush Shah and Mausam Shah
Face2News/Mumbai
In a significant development, the Court has issued 15 notices in the ₹4.44 crore fraud case against MyFledge Pvt. Ltd. directors and family members, while also ordering on “Process Issue” in two additional cases filed by actor Aayush Shah and his sister Mausam Shah.
The accused named include Bishwajit Ghosh (aspiring singer and director of MyFledge Pvt. Ltd.), his wife Piyalee Chatterjee Ghosh, and associate Shabab Husain (aka Shabab Hashim). The Shah siblings—who co-founded Mumbai-based PR firm Maars Communicates—allege they were defrauded through a scheme resembling the Bollywood con film Bunty Aur Babli.
The complaints, filed under Section 138 of the Negotiable Instruments Act, allege that the accused induced the Shah siblings to part with ₹4,44,48,000 on the pretext of expanding MyFledge’s aviation and vocational training business. According to the complainants, the accused presented forged ICICI Bank statements, property documents, and fabricated student success stories.
Initially paid out small returns to build confidence before defaulting.Issued 32 cheques, all of which were dishonoured upon presentation.
students, employees, and other lenders associated with MyFledge Pvt. Ltd.. Court Order 15 notices have been issued to the accused across the two cases.The accused have been directed to appear before the Court on 25th September, 8th October, and 17th October., The Court has further directed that failure to appear may result in arrest warrants.
The Shahs further claim that the fraudulent practices extend beyond their case, having also misled students, employees, and other lenders associated with MyFledge Pvt. Ltd.. Court Order 15 notices have been issued to the accused across the two cases.The accused have been directed to appear before the Court on 25th September, 8th October, and 17th October., The Court has further directed that failure to appear may result in arrest warrants.
Actor Aayush Shah (known for roles in Uttaran, Navya, Mahabharat, and the upcoming film Night and Fog) said: “We trusted them because everything—from bank statements to property papers—looked genuine. Initially, they even gave small returns to gain our confidence. What later emerged was a well-planned fraud. This is about accountability and ensuring no one else is deceived.”
Entrepreneur Mausam Shah, said “This was a systematic scam, not a mere default. They exploited our trust and misled many others too. The punishment must reflect the pattern of deception.”
The matter is being pursued by Advocate K.P. Dubey, who described it as “a clear case of financial fraud executed through deception and forgery.” Investigations into the accused’s financial dealings are ongoing.