Main accused in Moneyedge scam flees to Dubai, LOC issued

The Economic Offences Wing (EOW) of the Mumbai police has issued a Look Out Circular (LOC) against one of the partners and the main accused in the Moneyedge Group cheating case in which around 3,000 investors were allegedly cheated of ₹100 crore by the Mulund-based consultancy firm.

- Vinay Dalvi

MUMBAI: The police said that two partners had been arrested, the third had approached the court for pre-arrest bail while the fourth had fled to Dubai.

"We have issued an LOC against Rajeev Jadhav, a Nashik resident who we believe has fled to Dubai," said a police officer. "Jadhav was instrumental in setting up Moneyedge in 2013 with Hariprasad Venugopal—both used to work in a financial institution and resigned to start the company along with civil engineer Pranav Raorane and Priya Prabhu. Prabhu was a postal department employee who took voluntary retirement from her government job to join Moneyedge and brought her investors with her."