Navi Mumbai: EOW Busts Gang That Cheated 20 People Of ₹3 Crore; Cops Fear ₹300 Crore Scam

Navi Mumbai: EOW Busts Gang That Cheated 20 People Of ₹3 Crore; Cops Fear ₹300 Crore Scam

Two persons have been arrested – Umesh Kantibhai Patel and Vishal Ravani – and the police are on the look out for their accomplices. The police said that the key accused started such schemes in Gujarat in 2012 and the total fraud amount could be as high as Rs300 crore.

Raina AssainarUpdated: Tuesday, June 25, 2024, 11:23 PM IST
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Navi Mumbai: EOW Busts Gang That Cheated 20 People Of ₹3 Crore; Cops Fear ₹300 Crore Scam | Representative photo

Navi Mumbai: The Economic Offences Wing of the Navi Mumbai crime branch has busted a gang that cheated at least 20 people of Rs3 crore by promising heavy returns on investments. Two persons have been arrested – Umesh Kantibhai Patel and Vishal Ravani – and the police are on the look out for their accomplices. The police said that the key accused started such schemes in Gujarat in 2012 and the total fraud amount could be as high as Rs300 crore.

In January this year, a 42-year-old homemaker from Sanpada lodged a complaint with the police after losing Rs1.5 crore along with her friend. The case was later transferred to EOW of the crime branch.

A few years ago, the complainant had met one Kunal Devda, who worked in an investment firm. She invested some money and received returns as well. Later, Devda left his job and contacted the complainant, saying he was starting a similar firm in partnership with a friend and asked her to invest in it.

In 2021, an event was organised at a Vashi hotel by Devda and his partners – Patel, Ravani, Umesh Yadav, Kunjalben Patel, Chanchal Vishal Ravani, Keshama Yadav, Ashraf Bagwan and Archana Devda. They introduced schemes with 15% returns, which was later increased to 50%.

While the complainant from Sanpada sold her mother’s property in Wadala to invest, her friend sold her gold jewellery. In November 2022, two police constables attached to Kalamboli police, too, were cheated by investing in this scheme, following which a case was registered with the Kalamboli police as well.

“We have found that Patel started similar schemes in Gujarat in 2012 and the fraud could be as high as Rs300 crore,” a police officer attached to the crime branch said. A case has been registered under various sections of the Indian Penal Code, the Prize Chits and Money Circulation Schemes (Banking) Act, the Banning of Unregulated Deposit Schemes Act (2019) and the Maharashtra Protection of Interests of Depositors (financial establishments) Act.

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