Mumbai: 2 dupe 170 investors of Rs 30 crore, sent to custody

Mumbai: In yet another monetary fraud case, two businessmen were arrested by the Byculla police for allegedly duping nearly 170 investors to the tune of Rs30 crore. The duo has been sent to police custody for six days.

The sessions court has remanded Abhishek and Gautam Aghicha in police custody till August 29 so that the prosecution gets enough time to interrogate the duo.

According to the prosecution, Abhishek and Gautam floated two shell companies and invited several investors to invest in these firms. The duo promised these investors of huge profits and lured more and more persons to invest their money in these shell firms.

As per the First Information Report (FIR) registered way back in January this year at Byculla police station, the duo invited hundreds of persons to invest money in their companies. They had met all the investors at their farm houses near Mumbai.

“We were promised of higher interests by the accused but after investing when we asked for our profits, the duo kept on avoiding us. Later, we learnt at least 168 persons have been duped to the tune of Rs30 crore,” reads the statements of the complainant woman.

She further said, “I had invested at least Rs 2.30 crore in their firms but now all my money is robbed off.”

The duo was accordingly booked under the relevant provisions of the Maharashtra Protection of Interest of Depositors (MPID) and the Indian Penal Code (IPC).

On Friday, when the duo was produced before the sessions court, the public prosecutor informed the judge that the duo have not been cooperating in the investigations and that the prosecution requires some time to interrogate them.

The prosecutor further told the judge that it is utmost important to ascertain the money trail and this can be done only in custodial interrogation.

On the other hand, the advocate appearing for the duo, told the judge that since all the transactions have taken place through cheques, there was no need for custodial interrogation.

Having heard the contentions, the court remanded the duo to police custody till August 29.

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