Mumbai : Maharashtra Industrial Development Corporation (MIDC) Police in Andheri have arrested two persons for cheating 1,400 investors worth Rs 25 crore.
Sumit Kailash Sharma, 30, vice-president of the investment firm ‘Quirky Technology’, and his accomplice Sumail Khan, 34, have been arrested from Sagar Tech Plaza at Andheri-Kurla Road, Saki Naka.
They have been remanded in police custody until September 17. The accused have been booked and arrested for Section 406, cheating (Section 409 and Section 420) and criminal conspiracy (Section 120 (B)) of the Indian Penal Code.
The accused had promised the victims ten per cent appreciation on their investments.The accused were also promised jobs in their company. They had been operating the racket since March 2018.
A First Information Report (FIR) was registered against the company on September 3 at the Saki Naka police station, an official said.
“Investigations have revealed that between March last year and July 2018, the accused opened 14,083 bank accounts in the name of 3,620 investors and transacted Rs 27.50 crore online,” the official said.
“The office of the company has been sealed and six bank accounts belonging to the company and its partners have been frozen,” the official added.
A total of 488 investors have approached police and a sum of Rs 15 crore is yet to be recovered from the accused, official said.