Mumbai: Police on lookout for duo who duped investors of Rs 17.18 lakh in fraudulent investment scheme

According to the police, the complainant in the case is a 61-year-old man from Pune and stays in Chunabhatti in Mumbai. The victim is into the dairy business at Kurla.

Somendra SharmaUpdated: Wednesday, February 16, 2022, 07:23 PM IST
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Nehru Nagar police are on the lookout for two persons for allegedly promising 12 per cent annual returns on investment in their credit society and duping their investors to the tune of lakhs of rupees.

According to the police, the complainant in the case is a 61-year-old man from Pune and stays in Chunabhatti in Mumbai. The victim is into the dairy business at Kurla.

"The victim in his complaint has stated that he had come across the lucrative returns scheme of a credit society run by two persons near his dairy. In 2014, the victim had invested money in the scheme which promised 12 percent annual returns," said a police officer.

He added. "The victim was expecting Rs 7 lakh returns on his investment. The victim however received only Rs 4 lakh from the accused persons. When the victim demanded his remaining money, the accused kept avoiding him. The victim later realised that like him, other investors too had lost their money in the scheme and all the investors had collectively lost Rs 17.18 lakh in the fraudulent scheme."

The victim the approached the police and got a complaint lodged in the matter on Monday under sections 34 (common intention), 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 sections 3 (fraudulent default by the financial establishment) and 4 (Attachment of properties on default of return of deposits) of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act.

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