Navi Mumbai police have arrested nine officials and agents of a private investment firm for allegedly duping five investors of Rs 23.02 lakh by promising them lucrative returns, a police official said on Tuesday.
The accused accepted investments in a money scheme from some people while promising them higher returns and later closed their business here in Maharashtra under the pretext of lockdown, Navi Mumbai's Deputy Commissioner of Police Pravin Patil said.
Following a complaint by some investors, the police arrested nine persons, including members of the company's management team and agents, on Sunday, he said.
The search was underway for three other persons, including the company's director, he said.
A case was registered under relevant sections of the Indian Penal Code, the Prize Chits and Money Circulation Schemes (Banning) Act and the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act.
Navi Mumbai Police Commissioner Bipin Kumar Singh has appealed to citizens to be extra cautious while investing their money.
