Mira Bhayander: EOW probes Rs 6.97 crore investment fraud

The company, which claimed to be reaping profits in the field of crude oil and share trading, accepted investments by promising high returns ranging 20 to 25 percent from investors

Suresh GolaniUpdated: Saturday, July 02, 2022, 05:16 PM IST
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Mumbai: 40 Chinese among 150 people booked by city EOW for fraudulently becoming directors of Indian firms | Pixabay

A team from the Economic Offences Wing (EOW) attached to the Mira Bhayandar-Vasai Virar (MBVV) police is investigating a case of investment fraud in which dozens of investors have been duped by a fly-by-night company to the tune of Rs. 6.97 crore in Mira Road. An offence under sections 34, 406, 420 of the IPC and relevant sections of the Maharashtra Protection of Interest of Depositors (in financial establishments) (MPID) Act, 1999 has been registered at the Mira Road police station against a couple who operated the investment company named Gold Hill having its office in the posh Poonam Garden area of Mira Road.

The company, which claimed to be reaping profits in the field of crude oil and share trading, accepted investments by promising high returns ranging 20 to 25 percent from investors. In their statement to the police, the complainants said that the pay-out was disbursed as promised in the initial stages. “Although the FIR has been registered at our police station, the EOW is conducting investigations into the case.” said an official from the Mira Road police station.

“We are conducting a detailed probe into the matter.” said API (EOW) -Nitin G. Choudhary who has asked other victims to come forward and register their complaints with the EOW. The couple shifted their office to Kashimira, days before their vanishing act. Moreover, the pay-out cheques issued by the couple bounced when deposited in bank due to insufficient funds hinting at a well-oiled racket to allow early users to make high returns and establish trust. So far 20 investors who claim to have lost a total of Rs. 6.97 crore have registered their complaints. The EOW has cautioned people against falling prey to such schemes floated by dubious fly-by-night who offer unrealistic returns on investments.

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