Mumbai: 146 People Defrauded Of ₹17.94 Crore In Bogus Investment Scam

Mumbai: 146 People Defrauded Of ₹17.94 Crore In Bogus Investment Scam

The Economic Offences Wing (EOW) of Mumbai Police has registered a case against Venkataramanan Gopalan, proprietor of GVR Exports and Imports Company, for allegedly duping 146 people of ₹17.94 crore by promising them 8 to 10% interest on their investments.

Vishal SinghUpdated: Sunday, July 09, 2023, 01:05 AM IST
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The Economic Offences Wing (EOW) of Mumbai Police has registered a case against Venkataramanan Gopalan, proprietor of GVR Exports and Imports Company, for allegedly duping 146 people of ₹17.94 crore by promising them 8 to 10% interest on their investments.

The complainant, Dr Rajeev Sharma, a gynaecologist, had contacted Gopalan after seeing an advertisement in the newspaper of G V R Exports and Imports Company offering good returns to investors. Gopalan had promised 8-10% interest per month to Sharma if he invested in the company, which supplies fruits, vegetables, dry fruits, and masala to Dubai, Malaysia, and Singapore. Fueled by the positive reviews of Gopalan’s business from his colleagues, his alleged history as a senior executive in Anil Ambani's Dubai based banking and insurance company, a promise of returning ₹70,000 every month, and securing affidavits, Sharma decided to invest ₹10 lakh in January 2022.

DD issued was not cleared

After receiving ₹46,600 as interest by the end of the month, Sharma proceeded to invest a total of ₹76 lakh in Gopalan's company under both his and his mother’s name. Until December 2022, the complainant received a monthly interest up to ₹18,38,200 in the form of a demand draft (DD). However, he was unable to deposit the money in his bank because the DD was allegedly not cleared. To overcome the problem, Gopalan advised to pay a GST of ₹5.4 crores and assured that he would repay the GST and everyone’s money by selling his property.

However, Gopalan eventually stopped responding to calls leading to Sharma and other investors to file a complaint with the EOW, who have filed an FIR under the relevant sections of the Indian Penal Code. EOW officials stated that a total of 146 people had invested in GVR Exports and Imports Company from December 2021 to March 2023. An investigation is ongoing.

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