Mumbai: 51-Year-Old Man Dupes Investors Of ₹83 Lakh With Promise Of 30% Returns
Police are searching for a 51-year-old man accused of orchestrating a fraudulent investment scheme, swindling investors out of Rs 83 lakh by promising 24% annual returns.
Mumbai: 51-Year-Old Man Dupes Investors Of ₹83 Lakh With Promise Of 30% Returns | Representational Image
Mumbai: Police are searching for a 51-year-old man accused of orchestrating a fraudulent investment scheme, swindling investors out of Rs 83 lakh by promising 24% annual returns.
About The Case
A 72-year-old Airoli resident, the complainant, was introduced to the fraudster through a friend. The accused claimed to run an investment company in Naupada, Thane, offering 30% returns. Initially, the complainant and his acquaintances received principal and interest, validating the scheme in his eyes.
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He and his family then invested Rs 73 lakh from 2023 to March 2024. However, upon maturity, the company cited insufficient funds. Post-dated cheques bounced, and the complainant discovered other investors were also unpaid. Another friend lost Rs 10 lakh. Realising the deception, the complainant filed a police report. A case has been registered under sections of the Bharatiya Nyaya Sanhita (BNS) and other relevant laws.
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