Mumbai News: Man Booked For Duping Investors Of ₹27 Lakh

Mumbai: The police have registered a case against a man for allegedly duping investors to the tune of Rs27 lakh by promising them 70% returns on investment.

According to the police, the complainant, a resident of Chembur, had learnt from her sister about an investment firm in Dombivali that invests money in the stock market, giving a return of 35% every six months on the invested money. Her sister had invested Rs50,000 for two years and had got the promised returns. Trusting the company she had further invested Rs 6 lakh.

False promises made to victim

Having found the investment scheme attractive, the complainant too visited the company and was informed that if she invests a minimum Rs50,000 annually, she would get 70% returns. The victim then invested Rs5 lakh in 2021 and maturity of the amount invested was scheduled to take place in February and March 2022. However, the complainant did not get anything. Later, she found the investment office closed and the phone of the accused also remained constantly switched off. Like the victim, her friends and other relatives also invested and together lost Rs27 lakh. So far, six persons, including the victim, have approached the police and complained about their loss. 

A case was registered on Sunday by the police in the matter under sections 406 (criminal breach of trust), 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.