Thane: Five people have been arrested for duping people to the tune of Rs 1.40 crore on the pretext of investing in their company and also promised them a double profit within 200 days. The company was fake, but to make it look like a real deal, they forged consent letters and other documents, assuring the victims of earning double the profits.
The accused identified as Prakash More (52) and Govind Patil (43), both are residents of Thane, while Umang Shah (27), Ajay Jariwala (43) and Ritesh Patel (35) are residents of Surat, Gujrat. They were arrested by the Economic Offences Wing of Thane police after the victims complained about the forgery. The incident came to light when nine victims, lodged complaints at the Kapurbawadi police station about the fraud on March 27.
A case has been registered under relevant sections of the Indian Penal Code, cheating (420 ), criminal breach of trust by a public servant (406 )and punishment of criminal conspiracy (120 B), has been registered by the police. Suresh Jadhav, the senior police inspector of the economic offences wing of Thane said,”We hope more victims will come forward after these accused were arrested.
The company was established two years back” The accused had collected in cash and cheques were taken in the name of Tips zone advisory private limited, a company established by Prakash More at Thane. Prakash More, the alleged mastermind, was arrested after complaint was registered.
