As Ponzi scheme flourished, kingpin moved to Mumbai to lure many more

Kishore Kakde, the accused

Kishore Kakde, who cheated more than 2 lakh investors of over Rs 150 crore, is originally from Pune. In 2019, he registered his company in Borivli and travelled to Mumbai often. But, when his Ponzi schemes took off, he moved to the city and hired bouncers to keep his victims - poor, daily wagers - at bay, said police sources.

Instead of renting a house in Mumbai, he moved to Hotel Sampoorna in Malad West over a year back, said police sources. Fifteen bouncers were posted outside the hotel round the clock to keep him safe from the investors whom he had cheated with the promise of lucrative returns.

Hotel Sampoorna, where Kakde stayed with his family for over a year

Sources said Kakde registered his company Kaak Economic Marketing Pvt Ltd, through which he ran the Ponzi schemes, in 2019. A couple of years back, he rented an office space at 203, Natakwala Lane at Orchid Plaza in Borivli West. Initially, he travelled to Mumbai from Pune, but when his business started growing, instead of renting a house, he booked a room at Hotel Sampoorna, they added. He stayed there for more than 15 months.

Sources at the hotel told mid-day Kakde rented two rooms for himself and his family, including his brother. The rent of one room was around Rs 3,500 a day.

Kakde left the hotel four months back and went to live somewhere else. An officer said that police have enquired with the hotel staff and the management for more details.

During the investigation, it has been found that among his victims are police personnel and journalists from Pune and small villages nearby. They had invested in Kaak for a house or a car or a bike, etc., said the officer.

Another officer said that it looks like Kakde opened his company only to cheat people. He was arrested on February 19.

Rs 3,500
Daily rent of one room; he had rented two