Mumbai: Insurance agent booked for duping investors of ₹54 lakh

Mumbai: Insurance agent booked for duping investors of ₹54 lakh

As per the victim, he and his eight relatives invested Rs54.46 lakh from March 2019, till date, but did not get their money or the returns as promised by the accused.

Somendra SharmaUpdated: Tuesday, April 18, 2023, 11:19 PM IST
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Mumbai: Insurance agent booked for duping investors of ₹54 lakh | File

Mumbai: A police constable has got a criminal offence registered against an insurance agent for allegedly duping him and his eight relatives to the tune of Rs54.45 lakh by promising them huge profits in share market trading.

According to the police, the complainant is constable named GM Patekar, who is posted at Charkop police station. As per the victim, in 2009, he had taken an insurance policy from the agent, who is also the financial advisor of the victim.

After no returns since 2019, victims files complaint

As per the victim, he and his eight relatives invested Rs54.46 lakh from March 2019, till date, but did not get their money or the returns as promised by the accused. The victim then got an offence registered in the matter on Sunday.

The police have registered a case under sections 406 (Punishment for 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 section 3 (fraudulent default by the financial establishment) of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act.

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