Mira Bhayandar: 2 Booked For Duping Investors Of ₹1.22 Crore In Multi-Level Marketing Fraud; Accused Absconding

Mira Bhayandar: The Mira Bhayandar-Vasai Virar (MBVV) police have registered a FIR against two people for allegedly duping investors to the tune of more than Rs 1.22 crore through a multi-level marketing scheme. The accused are still at large. The prime accused identified as-Mayur Makwana had floated an investment firm in Bhayandar.

In his statement to the police, the complainant-Hussain Pattanwala who works as a project manager with a Mumbai-based firm said that he came into contact with Makwana through a relative in 2022.

Makwana and his associates lured Pattanwala and his relatives to invest money in various schemes, involving multi-level marketing. In an apparent bid to win their trust, the accused doled out profits on small investments which were made in the initial stages.

The complainant fell into the trap and not only invested Rs 26.17 lakh from his own savings, but also recommended four of his relatives who collectively invested another Rs 96.50 lakh between September 2022 to May 2023.

However, when the schemes matured, Makwana had already closed the office and went incommunicado. Realising they had been cheated, Pattanwala approached the Bhayandar police station.

An offence under the relevant sections of the IPC and Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999-a law that protects the interests of depositors in financial institutions in the state- was registered against Makwana and his accomplice on Friday.

However, the fraudsters are yet to be arrested. Further investigations were underway.