Palghar Crime: Boisar-Based Company Owner Arrested For Allegedly Cheating Investors Of ₹2.39 Crore With Share Market Doubling Scam

Palghar, Jan 07: The owner of a private company who allegedly defrauded customers of a total of ₹2,39,46,698 (two crore, thirty-nine lakh, forty-six thousand, six hundred and ninety-eight rupees) by promising to double their money invested in the share market has finally been arrested by the Palghar police.

Accused identified as company owner

The accused, Roshan Chandanlal Jain (36), a resident of Boisar and owner of Rich To Money Private Limited, was taken into custody by the authorities.

Investors lured with promise of high returns

Since 2022, several citizens had invested substantial amounts through Jain’s company, Rich To Money Private Limited, in Boisar. Thirteen of these investors filed a complaint with the Palghar Superintendent of Police, alleging fraud.

Case registered under BNS and MPID Act

Following the complaints, a case was registered at the Boisar Police Station under Sections 318(4) and 316(2) of the Bharatiya Nyaya Sanhita (BNS), 2023, along with Sections 3 and 4 of the Maharashtra Protection of Interests of Depositors (in Financial Establishments) Act, 1999 (MPID Act).

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Accused allegedly misbehaved with media and police

After his arrest, the accused was brought to the Palghar Superintendent of Police office for investigation. Reports indicate that he showed arrogance and made obscene gestures towards journalists and police personnel present there, displaying insolent behaviour even while in custody.

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