FPJ Cyber Secure: Case Filed Against Man For Duping 23 Investors

Mumbai: The police have registered a case against a man for allegedly duping 23 investors to the tune of ₹25.62 lakh by claiming that he would secure loans for them from the Pradhan Mantri Mudra Yojana to buy vehicles for business purposes. However, he later shut down his business and fled with the investors' money.

The complainant, 41-year-old a resident of Patel Nagar in Santacruz, had come across an advertisement on Facebook in August last year about an automobile company that promised to secure loans on low interest rates from the Pradhan Mantri Mudra Yojana for business purposes.

To confront the accused the victim visited their office

The victim, who is a driver by profession, found the advertisement useful and later visited the Thane office of the said automobile company. However, several months passed and the victim did not receive any loan money despite having paid ₹1.69 lakh to the fraudster. With the intention of confronting the accused, the complainant visited the accused’s office in Thane on April 20, only to find it shut. It was later learnt that 22 other investors were similarly duped by the accused.

Victim files complaint with police

The victim then approached the police, who have registered a case against the accused under Sections 406 (criminal breach of trust), 409 (criminal breach of trust by a public servant, or by banker, merchant or agent) and 420 (cheating and dishonestly inducing delivery of property) of the Indian Penal Code and Section 3 (fraudulent default by the financial establishment) of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act.