Actor and entrepreneur Aayush Shah, along with his sister Mausam Shah—founders of the Mumbai-based public relations firm Maars Communicates, which boasts a high-profile client roster spanning entertainment, corporate, and lifestyle brands—has filed a criminal cases under Section 138 of the Negotiable Instruments Act against MyFledge Private Limited’s directors, Bishwajit Ghosh, Piyalee Chatterjee Ghosh, and Shabab Husain (aka Shabab Hashim), for allegedly defaulting on a ₹4.44 crore loan taken over four to five years under false pretenses.
The Alleged Loan Fraud
Bishwajit Ghosh, a struggling singer, initially approached Aayush Shah for entertainment-related work. Over time, he and his wife, Piyalee Chatterjee Ghosh, built a rapport with Aayush and Mausam, leveraging their PR agency’s expertise. Claiming that MyFledge Private Limited—an aviation and vocational training company with a pan-India presence—was flourishing, they convinced the siblings to extend financial loans, stating that the money would be used to expand the company and promising lucrative returns in exchange.
To build trust, they timely paid handsome profits/returns in the initial months. They also showcased ICICI Bank statements of the company, purportedly showing transactions, as well as fake property documents as proof of financial stability. MyFledge Private Limited claims to have training centers in Bangalore, Lucknow, Bhopal, Guwahati, Raipur, Mangalore, Siliguri, Surat and Mumbai, further reinforcing their credibility to investors and students.
Cheque Bounce Cases & Financial Fraud
Against these loans, Bishwajit Ghosh and Piyalee Chatterjee Ghosh issued 32 cheques totaling ₹4.44 crore. However, upon depositing, the cheques bounced, exposing their fraudulent intent. Further investigation revealed that:
– The ICICI Bank statements shared via WhatsApp were fabricated to show non-existent transactions.
– Their claims of owning property were false, used to mislead lenders.
– The initial small returns provided were merely to gain trust and encourage further lending, eventually leading to a massive financial default.
Multiple Cases & Financial Misconduct Allegations
Bishwajit Ghosh and Piyalee Chatterjee Ghosh have been previously accused in multiple financial fraud cases, including:
– Misleading Students with False Promises: MyFledge Private Limited has been accused of luring students by promising guaranteed placements, showcasing fabricated success stories of past students. Many students have reported being misled into enrolling with false hopes of lucrative job opportunities that never materialized.
– Non-Payment to Employees: Hiring employees and mistreating them when salaries are due, forcing them to leave without being paid.
– Non-Payment to Technicians: Several technicians who worked on Bishwajit’s personal music projects have accused them of defaulting on payments after promising financial commitments.
– Forgery & Document Tampering: Fake ICICI Bank statements were used to show financial stability, and loan agreements were structured only to buy time.
Aayush Shah’s Statement
“We trusted them because they consistently showed financial growth through documents, which we later found to be forged. They took loans from us under the pretense of business expansion and issued 32 cheques knowing they would bounce. We have initiated legal proceedings to ensure that both Bishwajit Ghosh and Piyalee Chatterjee Ghosh receive the maximum imprisonment for their fraudulent activities. Their entire operation is built on deception, and it is crucial that strict action is taken so they can no longer scam others under the guise of a fake company.”
Mausam Shah’s Statement
“It’s shocking how they manipulated us over the years. The entire setup was a calculated scam to extract money using fake credibility. Their history of exploiting employees, technicians, and students further proves their fraudulent intent. We urge authorities to take strict action.”
The case is represented by Advocate K.P. Dubey of the High Court, who stated, “This is a clear case of financial fraud executed through deception and forgery. We are committed to ensuring the accused face maximum imprisonment for their actions. Legal proceedings will set a precedent to prevent such scams in the future.”
Legal proceedings against Bishwajit Ghosh, Piyalee Chatterjee Ghosh, and Shabab Husain are currently underway, with further investigations into their financial dealings being conducted.
