Mumbai: Cops lodge complaint against wealth management firm for duping investors to the tune of Rs 74.98L

According to the police, the complainant is a resident of Dombivali and had retired from a private company in November 2019.

Somendra SharmaUpdated: Saturday, August 20, 2022, 06:53 PM IST
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The Dombivali police have registered a criminal offence against officials of an investment company for allegedly duping its investors to the tune of Rs 74.98 lakh on the pretext of promising lucrative returns on investment.

According to the police, the complainant is a resident of Dombivali and had retired from a private company in November 2019. In December 2020, the victim had learnt about a wealth management company through his friend.

The victim was informed by his friend that he had been getting good returns after he invested in the said company. The victim then visited the company and met its officials who informed him that they deal in forex, derivative and commodity trading and share the profits generated with the investors.

Believing the company officials, the victim invested Rs 5 lakh in the company last year for the period of one year and was promised Rs 25,000 monthly returns. The company officials also informed the victim that his monthly profits would be credited to his bank account and he can withdraw his principal amount whenever he wants, police said.

The victim was expecting his return on investment in May, but the money did not get credited to his bank account. When for two consecutive months the victim did not receive his returns, he visited the company's office at Dombivali and was informed by the officials that the company was going through some crisis and that they would be returning the principal amount to the investors and would later inform the investors to invest again, once the company's financial condition improves.

In July last year, after repeated follow-ups with the company, he had received Rs 1.50 lakh from them. The victim later learnt that the company had allegedly duped at least six more investors to the tune of collectively Rs 74.98 lakh. The victim then approached the police and got a complaint registered in this regard.

The police have registered a case under sections 406 (Punishment for criminal breach of trust), 420 (Cheating and dishonestly inducing delivery of property) of the Indian Penal Code and sections 3 (fraudulent default by the financial establishment) and 4 (Attachment of properties on default of return of deposits) of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act.

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