Mumbai: Gang cheats woman of Rs 5 lakh on pretext of investing in stock market; one arrested

Oshiwara Police arrested one member of a gang who scammed people on the pretext of investing in the trading market and getting an added benefit of returns, only to get counterfeit notes in exchange. Police are on the lookout for other accomplices of the 28-year-old accused and have booked them under relevant sections of the Indian Penal Code (IPC) for cheating, using documents resembling currency-notes and criminal conspiracy.

According to police, the victim, a resident of Andheri (W) had learnt through a common friend that one of her acquaintances was dealing in the trading market and was giving out handsome returns to the investor. Impressed by the scheme, the woman contacted the accused, Manish Bhanushali, 28, on April 16, who spoke with her on the phone and explained that if she gives a certain amount for investing, they could invest it in the trading market and earn an instant return of 20 percent.

Sanjay Bendale, senior inspector of Oshiwara police station said that the woman then mortgaged her jewellery and managed to collect ₹5 lakh and met Bhanushali on Tuesday morning near Vaibhav Circle in Lokhandwala Complex, Andheri (W), following which she gave him the money. "Later on the same day, Bhanushali and his accomplices called the woman to collect her money worth ₹6 lakh which they had traded in the market. The woman, however, was shocked to find a few legitimate currency notes while the others were fake, belonging to a children's bank," added Bendale.

The woman then burst into tears, accusing Bhanushali and his accomplices of cheating, causing a scene. While the passersby came in support of the woman, Bhanushali and others tried to flee the spot. People caught hold of Bhanushali as others managed to escape. Oshiwara Police were alerted about the incident, who arrested Bhanushali and booked all accused under relevant sections of the IPC. Police said they are investigating the matter and are on the lookout for others, while they are calculating the counterfeit notes worth.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal

www.freepressjournal.in