The Mumbai police's Economic Offences Wing (EOW) registered case against a couple for allegedly running a bogus investment scheme that resulted in losses of Rs 20.14 crore for 443 victims.
Raeesa Khan Poonawala(46), and her husband Mustafa Baig, have been booked following a complaint filed by Poonawala's elder sister, Bilkis Afroz Shaikh(48), who is also among the victims of the alleged fraud.
According to the FIR, Raeesa Khan Poonawala and Mustafa Baig operated a firm named RK Interior. The FIR alleges that they persuaded investors to invest in their firm with promises of 150% interest within 90-100 days on the invested amount.
Shaikh also encouraged friends and relatives to invest in the scheme. Between 2012 and 2015, a total of 25 crore rupees was invested, from which she received approximately 30 lakhs. Baig also opened an offiice in Santacruz West.
Trusting Shaikh’s reference, hundreds of people invested money with Poonawala via Shaikh. Most of the investment was in cash.
The police have already filed a case against Poonawala and her husband for a previous fraud incident similar to this one. They were arrested at that time and are currently out on bail for that particular case.
The Santacruz police have booked Poonawala and her husband Baig under sections 120B (criminal conspiracy), 406 (criminal breach of trust), 409 (criminal breach of trust by a public servant, banker, merchant, or agent), and 420 (cheating) of the Indian Penal Code and sections 3 and 4 of the Maharashtra Protection of Interest of Depositors in Financial Establishment (MPID) Act.
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