Mumbai: Police are searching for a 51-year-old man accused of orchestrating a fraudulent investment scheme, swindling investors out of Rs 83 lakh by promising 24% annual returns.
About The Case
A 72-year-old Airoli resident, the complainant, was introduced to the fraudster through a friend. The accused claimed to run an investment company in Naupada, Thane, offering 30% returns. Initially, the complainant and his acquaintances received principal and interest, validating the scheme in his eyes.
He and his family then invested Rs 73 lakh from 2023 to March 2024. However, upon maturity, the company cited insufficient funds. Post-dated cheques bounced, and the complainant discovered other investors were also unpaid. Another friend lost Rs 10 lakh. Realising the deception, the complainant filed a police report. A case has been registered under sections of the Bharatiya Nyaya Sanhita (BNS) and other relevant laws.
