Mumbai: The special MPID court has sentenced a 71-year-old man to three years imprisonment for criminal breach of trust for not returning money to the tune of Rs 1.39 crore to investors.
About The Case
The accused accepted deposits from investors promising 18% returns between 1993 and 1998. The EOW had registered a case against car dealer Dhirajlal Damania, his wife Geeta, and a businessman, Atyam Mohan, in 2002 on the complaint of several investors for cheating them of Rs1.39 crore.
As per the prosecution case, Damania had several automobile- and finance-related businesses. In 1997, he borrowed money from people promising handsome returns at 18% per annum, to invest in one of his companies. The investors received interest money till July 2000. Thereafter, the firm did not pay interest or return the principal amount. The said firm was then closed, leaving the depositors in the lurch. Hence one of the investors, Laxmidas Thakkar, filed a complaint against Damania.
The court held Damania guilty of criminal breach of trust for not returning the principal amount.
