Mumbai, April 3: A case of large-scale financial fraud has been registered at L.T. Marg Police Station against four individuals for allegedly cheating an investor and his family of over Rs 131 crore under the pretext of lucrative returns.
FIR registered, EOW takes over probe
According to police, an FIR has been filed under Sections 316(2), 316(5), 61(2), and 3(5) of the Bharatiya Nyaya Sanhita, 2023, at L.T. Marg Police Station. The case has now been taken up for investigation by the Economic Offences Wing (EOW), Mumbai.
Accused and complainant identified
The complainant has been identified as Jawaharlal Mohanlal Shah (62), a resident of Ghatkopar (East). The accused have been named as Rajiv Shah, owner of Triumph Realty, Anantray Girdharlal Shah, partner in Triumph Ventures, Rajiv Anantray Shah, and Kumar Girdharlal Shah.
Investment scheme and alleged fraud
As per the FIR, the accused allegedly conspired together and lured the complainant and his family into investing large sums of money by promising an 18% return on investment. Between 2016 and March 2018, they initially paid returns to gain the investor's trust.
Subsequently, the accused allegedly failed to repay both the principal investment and promised returns. The total amount allegedly cheated, including returns, stands at Rs 131,41,56,145.
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Police said the accused collected approximately Rs 64.70 crore through cash and cheque transactions and later misappropriated the funds, thereby committing financial fraud.
Investigation underway
Further investigation is underway by the Economic Offences Wing.
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