Mumbai Police Arrests Two For Investment Fraud Of Over Rs 5 Crore

Mumbai: Police have launched an investigation against two persons for allegedly running fraudulent investment schemes and duping at least 50 investors to the tune of over Rs 5 crore.

According to the police, the complainant in the case is a 68-year-old Boisar resident. In February last year, the victim came across one of the accused persons and learnt about a scheme.

The accused told the victim to attend a seminar where he and his partner would brief prospective investors. The seminar was organised at a resort in Palghar. At the seminar, the accused discussed various schemes and promised guaranteed 10% monthly returns.

The victims received money for a few months and then the payments stopped. After having realised that they had been cheated, the victims then approached the police.