Free Press Journal

Thane: Duped in 1999, 325 investors finally get their money back

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PTI Photo (PTI11_9_2016_000082B)

Thane: Around 325 investors were rejoiced to get their money back and that to due to good follow up by the police department. The investors and the police department also felicitated the officers who investigated the case and were able to give the entire amount back to the investors.

It was a Rs 10 crore scam, with investment from retirees ranging from Rs 10,000 to a few lakh. This may be the first case of investigation where all the  investors have received the money lost back. The scam took place in 1998-99, when a grocery shopkeeper lured his customers to invest in a scheme. There were many who invested in the scheme hoping to more than double their hard-earned money. The investors were mostly retired people who were happy to get the interest for a few years and only later when the amount stopped did they realise that they had been duped.

The accused, Narayan Das Thakkar, had a grocery shop and told his customers that, he also was running an export business of medicines in Africa. He convinced the people that he would give them back 2% interest on their investment. “Mostly, they were retired people who wanted to invest their provident fund and pension money in good schemes that would yield good return for their children. For some years, he returned the investment, later he refused and investors realised that they had been cheated. We then went to the police and complained. Economic Office Wing helped us in the fight as well and therefore, we were able to get our money back,” said Ranjit Chitre, whose father had invested money in the scheme and was the driving forcing behind the fight.


The then senior police inspector of EOW, Ajit Deshmukh and Sanju John were the officers who investigated the case and also produced solid evidence in the court. Ajit Deshmukh retired as ACP and was felicitated at the thane Commissioner’s Office on Thursday. The investors and the police department jointly had arranged for the felicitation programme of Deshmukh and Sanju John.

“It feels good when the department remembers you even after your retirement. We investigated every case as our own. We always saw ourselves in the place of the complainant and thus we were able to crack the case. The MPID act played the vital role in getting back the investor’s their money back, Deshmukh said. The MPID Act (Maharashtra Protection of Interest of Depositor’s Act), was abolished in 2004 and the investors were scared that they wouldn’t get their money back, but later, it was introduced once again and the investors were reassured.

“It took 15 years, but that is not important. What is important is that we got the money back and the police department helped us,” added Chitre. Around, 40 investors got 75% money back and other 58 investors will get the money back after the paperwork is done. The accused, Narayan Das Thakkar, his three brothers and two children have all been arrested.

Thakkar was refused bail till he agreed to sell his hereditary property and give back the investor’s money. After he came out, he refused to pay, but the court then ordered the auction of his property. It was a Rs 10 crore scam, with investment from mostly retirees ranging from Rs 10,000 to a few lakh. The main accused was refused bail till he agreed to sell his property and give back the investor’s money.