Mumbai: Cops on lookout for trio after 200 investors lose money in fraud

A criminal offence was registered against three persons who had allegedly duped several investors to the tune of lakhs of rupees by inducing them to invest in their credit society. The police suspect that over 200 people could have lost their money in the said fraud.

According to the police, the complainant in the case is a 38-year-old businesswoman from Nalasopara. As per the victim, in 2018, one of the employees working at the credit-society had suggested to her that she would get good returns if she invested money in the said institution.

"As per the victim, she initially had received returns on her investment, but from March 2020 onwards, the investors were not receiving regular returns. The victim and five other investors had lost Rs 2.84 lakh in the said fraud. The victim in her complaint has stated that like her, around 200 more investors have lost their money," said a police officer.

The police on Friday registered a case under sections 406 (punishment for criminal breach of trust) and 420 (Cheating and dishonestly inducing delivery of property) of the Indian Penal Code and sections 3 (fraudulent default by the financial establishment) and 4 (Attachment of properties on default of return of deposits) of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act.

"We would be recording statements of those named in the FIR and would also scrutinise the bank details and assets of the credit-society. We urge those who have been affected to come forward and get their complaint lodged with the police," the officer said.

On Thursday, the Thane police had registered a similar complaint against a couple who had allegedly floated a bogus investment company and had duped at least 21 women to the tune of Rs 44.45 lakh.