Mumbai: Gamdevi Police have registered an FIR against renowned Bollywood celebrity makeup artist Cherag Bambboat for allegedly defrauding an industrial chemical trader of Rs 6.15 crore. The case has been filed under sections 406 (criminal breach of trust), 409 (criminal breach of trust by a public servant, banker, merchant, or agent), and 120B (criminal conspiracy) of BNS.
According to police sources, apart from Cherag Bambboat, Rakesh Shetty and his wife Tamsin Shaikh have also been named as co-accused in the FIR.
About The Case
The complainant, Viraj Shah, an industrial chemical trader, stated that the fraud began in 2021 when Daryus Bamboat, a friend and interior designer working on Shah’s office, informed him about his brother Chirag’s financial troubles. Due to business losses during the COVID-19 pandemic, Chirag reportedly faced difficulty paying staff salaries and rent. Daryus requested Shah to provide financial assistance to his brother.
In April 2022, Shah met Cherag Bambboat, who explained that his company, Magical Makeover Pvt. Ltd., trained students in makeup artistry. Chirag described the business as highly profitable but suffering losses due to the pandemic, appealing for investment. Believing in the venture’s potential, Shah agreed to invest, with Chirag promising 49% equity in the company.
Shah transferred Rs 41 lakh between April and December 2022 from his personal bank account to Cherag Bambboat’s business account. By October 2023, Shah’s investment had grown to Rs 3.16 crore, with Cherag Bambboat initially providing regular updates on expenditure, which bolstered Shah's trust.
In December 2022, Cherag Bambboat proposed a new skin treatment business and introduced Shah to Rakesh Shetty. Convinced by their plans, Shah agreed to invest further. To finance this, Shah took loans totaling Rs 6.49 crore under his company, Heavy Chemicals Corporation, transferring Rs 6.15 crore to the account of M/s Art by Cherag Bambboat LLP.
Complainant Shah claimed that despite repeated efforts, a partnership deed was never formalized. On July 15, 2023, a notarized deed was signed, acknowledging Shah’s goodwill investment and promising 25% partnership, which was never fulfilled. When Shah demanded an account of the expenses, the accused initially avoided providing details. Later, a bank statement from Chirag’s CA revealed that the funds were misappropriated for personal use rather than business purposes.
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