EV-Tech Director Duped of ₹53 Lakh, Mumbai Designer Booked

Mumbai, June 18, 2026: A major financial fraud case linked to the electric vehicle (EV) sector has surfaced after a senior executive of an EV technology company accused a Mumbai-based automobile designer of cheating him out of ₹53 lakh through alleged misrepresentation, questionable financial transactions, and breach of trust.

The complaint, filed with the MIDC Police, led to the registration of a First Information Report (FIR) on June 15. The case was initiated following allegations made by Jayesh Thakkar, Director of Mercury EV-Tech Limited and co-promoter of Mercury Cars Pvt Ltd.

According to police sources, the accused allegedly cultivated a close business relationship with the complainant over several months by presenting himself as an experienced automotive professional capable of developing advanced electric vehicle models. Investigators claim the relationship was strengthened through personal narratives that helped build confidence and trust between the parties.

Business Partnership Led to Investment Discussions

The dispute reportedly began in 2024 when discussions were held regarding the development and modification of electric vehicles. As part of the proposed collaboration, a vehicle was sent to the designer’s Pune workshop for technical work, leading to a series of meetings and negotiations between both sides.

During subsequent discussions, the accused allegedly proposed a restructuring plan involving a separate business entity, claiming it would streamline operations and facilitate future expansion. Based on these representations, the parties entered into a Memorandum of Understanding (MoU) outlining operational responsibilities and financial commitments.

The agreement reportedly granted the accused authority to oversee certain business activities in exchange for a monthly remuneration package. The complainant also alleges that he was encouraged to make substantial investments as part of a broader business acquisition and expansion strategy.

Financial Irregularities Raise Red Flags

The partnership reportedly came under scrutiny after concerns emerged regarding financial transparency and the handling of project-related payments. The complainant claims that several transactions associated with vehicle modification projects were not routed through official company accounts as expected.

Further examination of financial records allegedly revealed inconsistencies in fund management and prompted a detailed review of the business arrangement. During this process, the complainant reportedly became aware of other legal disputes involving the accused, increasing concerns about the legitimacy of the partnership.

Alleged Diversion of Project Funds

The complaint states that in March 2025, two vehicles were brought in for modification work with invoices totaling approximately ₹1.77 crore. However, investigators are examining allegations that a portion of these funds was not deposited into the company’s designated accounts.

Police are specifically investigating claims that ₹53 lakh was transferred directly to the accused’s personal bank accounts, while some payments were allegedly received outside formal banking channels.

Police Examining Financial Trail

MIDC Police officials confirmed that an investigation is underway and that no arrests have been made so far. Authorities are reviewing bank statements, contractual agreements, digital communications, and transaction records to determine whether the alleged fraud was part of a deliberate scheme.

Investigators are also analyzing the financial trail linked to the MoU and related investment arrangements to establish accountability and verify the flow of funds.

Growing Concerns in Startup and EV Ecosystem

The case has attracted attention within business and startup circles because it highlights the risks associated with trust-based partnerships, high-value investments, and rapidly growing EV ventures. Experts note that emerging industries often attract significant capital, making robust due diligence and financial oversight essential.

Police officials stated that additional questioning of individuals connected to the transaction is ongoing. Further developments are expected as investigators continue examining banking and digital evidence.

The investigation remains active.