Bollywood actor Varsha Usgaonkar has reportedly been named among the victims in an alleged ₹47 lakh investment fraud, with the Mumbai Police registering a case against builder and film producer Avinash Jadhav. The complaint, filed at Shivaji Park Police Station, has triggered an investigation into the alleged scheme that also involves actor Mrinalini Subhash Jambhale and other investors.
Varsha Usgaonkar embroiled in investment scam
According to police officials, the complaint was lodged by Mrinalini Subhash Jambhale, who stated that she had a professional acquaintance with Jadhav. In her statement, she alleged that Jadhav introduced himself as a builder and film producer and convinced her to invest in a construction project in Dombivli.
Mrinalini claimed that Jadhav assured investors that the project would yield lucrative returns and that the invested amount would be returned within a year.
Police said that between November 2019 and February 2020, Mrinalini, Varsha, and three other individuals collectively invested around ₹47 lakh in the project. The payments were reportedly made through cheques and online bank transfers after Jadhav promised significant profits.
Initially, the group did receive a portion of the promised returns. According to the complaint, Jadhav paid around ₹4.52 lakh to the investors as part of the expected profits. However, the payments later stopped, raising concerns among those who had invested.
The accused allegedly became unreachable
Mrinalini further alleged that when she tried to contact Jadhav regarding the pending returns and the principal investment, he became difficult to reach. The complaint alleges that Jadhav changed his phone number and address, making it difficult for the investors to locate him.
She also claimed that when the investors eventually confronted Jadhav in Dombivli and demanded their money back, he refused to repay the amount and allegedly issued threats.
Confirming the case, police officials said Shivaji Park Police have booked Jadhav for allegedly cheating Varsha, Mrinalini and others of ₹47 lakh. An FIR has been registered under Sections 420 (cheating) and 506 (criminal intimidation) of the Indian Penal Code.
Authorities said the case was formally registered on February 26 and has been assigned to Assistant Police Inspector Shailesh Shejul. Investigators are now examining financial transactions and attempting to trace Jadhav as the probe continues.
Varsha’s career
Varsha Usgaonkar began her acting career in Marathi cinema in the late 1980s and became one of the industry’s prominent leading actors during the 1990s. She later appeared in several Hindi films, including Saathi, Hafta Bandh and Tirangaa. Apart from films, she has also worked extensively in television, notably playing Uttara in the TV series Mahabharat. In recent years, Varsha has remained active in the entertainment industry through Marathi television projects, stage appearances, and reality television, including her participation in Bigg Boss Marathi 5.