A police case has been registered against six directors of Progen Rental Marketing Services Pvt. Ltd. after 68 investors from Dombivli and Mumbai alleged that they were defrauded of a total Rs 7.09 crore through promises of enhanced returns. The case was registered at Ramnagar police station under the Maharashtra Protection of Interest of Depositors Act, according to a report by Loksatta – Thane published on September 7, 2026.
The complaint was filed by Rupesh Saigavkar, a vada pav seller living in Malvani Nirmitee Society in the MHADA Colony area of Malad, along with 67 other investors. The accused have been identified as Sanjay Venkatesh Nar, Prashant Jagdish Angane, Pallavi Angane, Laxman Dnyaneshwar Yadav, Jitu Gala and Priya Vishwakarma. The company’s office was located at Shantakunj Bungalow on Tilak Road in Dombivli East, opposite Karwa Hospital.
According to the complaint, investors were offered high returns on money deposited with an entity called Konkan Smart Share Broker. Saigavkar said he was introduced to the business in 2018 while seeking an LIC policy. He later deposited Rs 5,000 and Rs 3 lakh by cheque after being told that the investment would generate interest of five per cent and a return of Rs 1.05 lakh after six months.
When he went to the company’s Kandivli branch to collect the promised interest, he was allegedly told that payment would take another 45 days. The complaint states that repeated explanations were given for the delay. Saigavkar was subsequently asked to sign notarised documents stating that he had lent money to Prashant Angane and that Angane was paying interest on the amount, according to the report.
The Kandivli office later closed, the complaint alleges. At the company’s Bhandup headquarters, Saigavkar was allegedly given a cancelled cheque and a withdrawal receipt, which he deposited online. In 2023, he received an email stating that the company had been shut for six months and that he would receive only three months’ interest.
The complaint further alleges that Angane had earlier faced a case at Bhandup police station over alleged investor fraud and had been arrested before being released on bail. After seeing a video in which Angane reportedly said he would start a new company, Saigavkar met him in Dombivli. He was allegedly told that a 22-month return would be paid on his outstanding investment of Rs 5.37 lakh. Saigavkar then paid an additional Rs 80,550 by cheque after being told that the amount would be transferred online, the complaint states.
Investors later approached the directors of the newly established Progen Rental Marketing Services company regarding the money invested with Konkan Smart. The complaint alleges that they received evasive responses. It also states that individual investors had deposited amounts ranging from Rs 14 lakh to Rs 84 lakh. The Ramnagar police case has been registered under the MPID law; the supplied report does not state whether arrests have been made or specify the next date of investigation.
