Key Points
- Ankit Mashru allegedly scammed Gold Coast Indian-Australians of nearly $2 million through a fake business.
- At least 20 alleged victims have come forward to police.
- Mashru has been remanded in custody by the Southport Magistrates Court until 19 December.
Some members of the Gold Coast's Indian-Australian community claim they have been left reeling and out-of-pocket by thousands of dollars due to the actions of an alleged fraudster, Ankit Mashru.
Between 2021 and 2024, Mashru, a 34-year-old Indian national, is alleged to have defrauded the cohort of around $2 million after claiming he was running a 'lucrative' import-export business making toilet fittings in India, Dubai and China.
He allegedly promised them annual returns of 4.5-20 per cent, creating an illusion of security that enticed many investors to trust him with their life savings.
Victims claim they were shown what appeared to be legitimate documentation including screenshots of bank statements and Australian Tax Office records that showed millions in his accounts.
Rakesh*, a marketing professional, claimed he lost more than $500,000 to Mashru's fictitious scheme.
He told SBS Hindi that Mashru initially requested smaller amounts of $5,000-$10,000 that he always returned on time.
He allegedly gradually asked for larger sums of money, a pattern echoed with other 'investors', Rakesh said.
"I gave Ankit $370,000 and $289,000 in two separate transactions to invest in his toilet-fittings business. He said I was like a younger brother to him, and that he wanted to see me (prosper)," Rakesh said.
I borrowed money from friends and family in India as well, trusting him.Rakesh, marketing professional
In an official statement seen by SBS Hindi, Queensland Police said their inquiries revealed this 'business' never existed in the first place.
"Now I have nothing," Rakesh said.
Mashru allegedly claimed he owned his own home as well as multiple cars which turned out to be false later on, Rakesh said.
Ankit Mashru with his young family. Credit: Used with the permission of the copyright owner, who does not wish to be identified
According to another alleged victim, truck driver Gurpreet*, when people asked for their money back, Mashru allegedly would not acknowledge the transaction as an investment but rather as a loan for the business and propose a self-prepared loan agreement.
In other cases, when victims told Mashru they needed their money back as they were struggling with daily living expenses, he would 'drip-feed' them small amounts of cash, usually from between $2,000 and $7,000.
Gurpreet said he had entrusted Mashru with not only his own life savings but also his mother's, totalling almost $450,000 in Australian dollars and another Rs.2,800,000 in Indian rupee. He said the funds had been put aside for him to start a family and buy a house.
"(In my case) Every time I asked for my money, he offered to sign a 'friendly loan agreement' that we registered before a Justice of Peace. He would (then) default on all major payment dates," Gurpreet alleged.
Each time he expressed concern and sought to withdraw funds, he claims Mashru would respond with "Main hoon na!" — a Hindi reassurance meaning "I am there for you", Gurpreet said.
My mother will die if I tell her that all our money is lost. My wife and me are under huge stress now.Gurpreet, truck driver
Sandeep* claimed Mashru "pursued" him for two years before he became enmeshed in the "elaborate scheme".
He claims Mashru even took him on site inspections of supposed joint ventures, reinforcing his facade of credibility, Sandeep alleged.
SBS Hindi has spoken to several young families, similar to his own, who claim to have been targeted by Mashru.
Among other victims is a domestic violence survivor who lost close to $90,000 and does not wish to be named. Yet another family of two sisters lost a cumulative $250,000.
Mashru is alleged to have defrauded multiple investors including young families, students and a domestic violence survivor. Source: AAP
So far, more than 20 people have come forward who allegedly loaned money to Mashru.
Police have charged Mashru with one count of fraud, dishonestly obtaining property from another of a value of at least $100,000.
A bail application was refused on 12 October and in a second hearing on 31 October, Mashru has been remanded in custody by the Southport Magistrates Court until 19 December.
Investigations are continuing and police have urged anyone with information to come forward.
SBS Hindi sought comment from Mashru's wife, who declined.
*names changed for privacy reasons.
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