In a case of economic fraud bearing striking similarity to the script of Bollywood potboiler 'Phir Hera Pheri', a conman cheated nearly 587 people to the tune of more than Rs. 2.73 crore by luring them to invest in his seemingly lucrative bogus investment schemes, since June-2021. However, the accused who has been identified as Ravindra Shivaji Zare ran out of luck after the Navghar police learnt about his game plan and put him behind the bars.
Zare floated a sole proprietorship firm and started accepting investments ranging from a minimum amount of Rs. 10,000 with a promise of 5 per cent monthly returns and double the invested amount after a period of 40 weeks. He brazenly advertised his schemes and also roped in agents by offering them up to 4 per cent commission, sans any type of registration or certification from the regulatory body.
After getting a tip-off about the fake scheme, the Navghar police led by Senior Police Inspector Milind Desai and PI Sushil Shinde under the supervision of DCP ( Zone-I) Amit Kale deputed a decoy investor to establish contact with the suspect. After confirmations, two teams conducted simultaneous raids at Zare’s flat and office in Bhayandar. Apart from cash amounting more than Rs. 11.71 lakh, the police recovered incriminating documents in the search operations. To divert the attention of the law enforcement agencies and using loopholes to mop up funds from small-time investors, several dubious firms in the twin-city are cleverly operating free gift schemes to cover up their money circulation activities via monthly lucky draws.
Meanwhile, a case under the relevant sections of IPC for criminal breach of trust and cheating and protection of interest of depositors act has been registered against the accused who has been remanded to custody. Further investigations were on.
