Mumbai: Police have registered a case against Meera Clean Fuel Pvt Ltd after investors from Mumbai and rural Maharashtra alleged they were duped of around ₹2.55 crore through promises of biofuel and bio-CNG projects that never materialized, reported The Free Press Journal.
According to the FIR filed at Matunga police station, the accused include company directors Meera Shivaji Gholap and Dr. Lavesh Ramchandra Jadhav, executive director Prachi Dhole, and managing director and CEO Dr. Sham Shivaji Gholap.
The complaint, lodged by 55-year-old business consultant Jagdish Paighan, states he was personally cheated of ₹1.34 crore, while investors from Yavatmal lost another ₹1.21 crore. Paighan alleged the firm lured farmers, entrepreneurs, and professionals with promises of massive returns, claiming their projects had government backing.
The FIR details how the company projected its shares would rise to ₹1,000 per unit, showcased bio-diesel and bio-CNG plants in Ratnagiri and Mumbai, and claimed to have patented technology to produce bio-CNG from Napier grass. Meetings, webinars, and high-profile events such as World Biofuel Day at luxury hotels were allegedly used to win investor confidence.
Investors were persuaded to set up private companies, lease land, and spend on infrastructure. Paighan said he spent over ₹95 lakh on land and equipment in Yavatmal district, but no project ever became operational. Engineers hired in several locations were also left unpaid.
Despite repeated assurances—including an announcement in June 2021 that 200 CNG plants would launch by January 2022—no projects took off. Investors’ refund cheques reportedly bounced, and earlier this year, the company’s offices were suddenly shut down.
Police said investigations are underway into the alleged fraud, which could extend beyond the ₹2.55 crore already reported.
