The Economic Offences Wing (EOW) of the Mumbai police has initiated legal action against M/S Siddharth Profit House company and its director Umesh Ramdhan Raipure for allegedly defrauding 91 individuals of Rs 3.75 crore. The company is accused of promising a 1.5 percent daily profit on investments.
According to the police, the complaint was filed by Shafi Hussain Patel (53), who was lured into investing by a friend's referral. Patel's friend introduced him to Umesh Ramdhan Raipure, claiming that Raipure's company was offering significant daily profits for stock market investments. Raipure allegedly convinced Patel to invest substantial amounts, citing various schemes and promises of substantial returns.
Initially, Raipure provided Patel with profits, but later ceased payments and evaded communication when Patel inquired about the money. Despite receiving a partial return, Patel claims Raipure is withholding a significant portion of his investment, as well as refusing to return investments made by 91 others totaling Rs 3.75 crore.
Following Patel's complaint, the EOW has launched an investigation and registered an FIR against Umesh Raipure, charging him under various sections of the IPC. The case underscores the importance of thorough due diligence and caution while investing in financial schemes.
