Mumbai: Man dupes Andheri couple of Rs 2.48 crore in wealth management con

An Andheri couple was duped of Rs 2.48 crore on the pretext of investing in a wealth insurance company in December last year. Police said that the well-to-do couple had invested Rs 3.55 crore in the wealth insurance company, of which ₹1.06 crore was returned to them as a return on investment. The accused have been booked under relevant sections of the Indian Penal Code for cheating and no arrests have been made.

With a slew of investment options and opportunities available in the market, the accused person, whose name has been withheld on request, had approached the complainant to insure their wealth and invest in a wealth management system, which could give them good returns. Subsequently, in December, last year, the complainant, a vice president of a prominent insurance company, who is a resident of Andheri, had invested an amount of Rs 3.55 crore in a wealth management company, wherein the accused had promised them a handsome return on the investments.

Soon after the investment was made in a series of transactions, the accused person issued the complainant a cheque of Rs 1.06 crore, claiming it to be a return on the investment. Upon learning a few suspicious things about the accused persons, the complainant tried to roll back the investment and asked for a full refund. However, the accused denied and asked for time.

Police said that the accused had promised to return the money, but failed to do so. The complainant later learned that the money that the accused gave them as a return was from the Rs 3.53 crore they had paid. Realising that the accused had cheated them of Rs 2.48 crore, the complainant and her partner immediately approached Andheri Police and lodged a complaint against him.

No arrests have been made in the case and police is investigating the matter.

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