Mumbai Crime: Retired Banker Duped Of Over ₹77L In Investment Scam

Mumbai Crime: Retired Banker Duped Of Over ₹77L In Investment Scam

The complainant’s daughter connected with her childhood friend on Instagram, who claimed to be the founder and Chief Executive Officer (CEO) of an investment firm.

Somendra SharmaUpdated: Tuesday, August 15, 2023, 11:59 PM IST
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Mumbai Crime: Retired Banker Duped Of Over ₹77L In Investment Scam | Representative Image

Mumbai: A 50-year-old retired banker was allegedly duped of ₹77.73 lakh by a couple who promised him lucrative investment returns.

The complainant’s daughter connected with her childhood friend on Instagram, who claimed to be the founder and Chief Executive Officer (CEO) of an investment firm. The daughter endorsed her friend to her father, who contacted her regarding a potential investment. When the complainant visited her place, she promised him 10.28% per week on the amount of investment he makes. He began investing in the scheme from April last year, and was later promised 15% returns on the investment of ₹25 lakh. He was then advised to invest an additional ₹50 lakh, until eventually the complainant had invested a total of ₹77.73 lakh. When the victim sought his returns, the accused evaded his inquiries and delayed payment.

Victim lodges complaint

Upon realising the apparent scam, he approached the police on Monday and a case has been registered under Sections 34 (acts done by several persons in furtherance of common intention), 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 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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