Mumbai: The police has registered a case against two persons for allegedly flouting a bogus investment scheme and duping investors to the tune of Rs 47 lakh. The accused would tell investors that their money would be used in buying vehicles which would be later sold on higher price and the profit earned would be equally shared.
According to the police, the complainant works in a car showroom in Andheri. The accused, who are into the business of buying and selling of old vehicles are known to the victim. In November 2021, the accused had offered to invest in his business and promised equal sharing of returns.
Returns given during early investments
After initial investments, the victim got his returns, but later the accused induced him to make large investment for higher returns. The victim, over the period of time invested Rs 15.43 lakh. Later, when the accused defaulted on returns, the victim began confronting them. After few days, the victim learnt that the accused duo had similarly duped three more investors to the tune of Rs 32.27 lakh collectively.
The victim then approached the police and got a case registered in the matter last week. The police have registered a case under sections 34 (acts done by several persons in furtherance of common intention), 120B (criminal conspiracy), 406 (criminal breach of trust), 409 (criminal breach of trust by a public servant, or by banker, merchant or agent) and 420 (cheating and dishonestly inducing delivery of property) of the Indian Penal Code and section 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.
