Pune Man Loses ₹1 Crore In Fraudulent Trade Profit Scheme.

Mumbai: A Pune-based man was cheated of Rs 1 crore allegedly by a gang that lured him into investing in a fraudulent trade scheme promising a return of Rs 1.5 crore within 30 days, a police official said on Monday, adding that seven to eight persons have been booked in the case.

The LT Mrag police station official said victim Mohsin Mulani was introduced to accused Shubham Raut by an acquaintance who claimed the latter operated a highly profitable investment scheme called 'Trade Profit Fund'.

"Raut told Mulani the minimum investment amount was Rs 1 crore, which would grow to Rs 1.5 crore in 30 days. Raut also showed him investment receipts and documents claiming investors had collectively invested nearly Rs 30 crore in the scheme," he said.

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Mulani raised Rs 1 crore and in May was asked by Raut to come to Kalbadevi, where the accused accepted the amount at the office of a courier firm and then gave him a receipt, the official said.

"The promised amount never materialised, and the accused began avoiding repayment by offering various excuses. Realising that he had been cheated, Mulani approached the LT Marg Police and lodged a complaint," the official said.

A case was registered against Raut, Tanvesh Patil, Rajendra Singh, Prakash Singh and others for cheating, he said, adding efforts are on to arrest the accused.

(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)

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