Mumbai: The Economic Offences Wing (EOW) of Mumbai police has registered a case of cheating against the directors of Concunsmart Shares and Stock Brokers Pvt Ltd, Prashant Angane and Pallavi Angane, for allegedly luring people to invest money with the promise of lucrative returns but not delivering on the promise. Prashant Angane has been arrested in the case.
An EOW official said 54 complainants have come forward and were duped of a total of ₹2.77 crore. The police said more than 2,000 people have invested in Concunsmart and appealed to others to come forward with their complaints.
‘Old is Gold’ scheme
The key complainant in the matter is Ashok Kamble, 65, who first approached the Bhandup police. Kamble said he was encouraged by a friend, Dahije, to invest with Concunsmart, as they give 70% returns every year. Dihaje showed Kamble as few links about the directors on YouTube about the firm’s ‘Old is Gold’ scheme.
Kamble then visited the firm’s office and attended a seminar along with a few other people where Angane claimed to have good experience of trading in the stock market. He claimed to have earned crores of rupees and given good profits to his investors. He propagated seven schemes at the seminar and Kamble invested ₹3.5 lakh in one of them in June 2021 and was promised 35% profit. He was asked to download an app called Concunsmart for detailed information about upcoming schemes.
"Company was going through times"
When Kamble didn’t receive any returns, he was told that the company was going through times. Angane called a meeting of investors in February 2022 and asked everyone to trust him. Kamble, however, expressed distrust and chased Angane in the coming months to only get back ₹1.75 lakh. Angane reasoned that the company’s terminal is closed owing to the NSE audit.
In January this year, Kamble approached the police with a written complaint and registered a case, which was later transferred to the EOW.
