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Thane: The police in Maharashtra's Thane city are on the lookout for a couple, who allegedly duped over 40 persons to the tune of over Rs 80 lakh with the promise of lucrative returns in investment schemes, police said on Wednesday.

As per the FIR registered on Tuesday, Manoj Mangesh Pawar and his wife Monica had floated an investment firm 20 years ago and reeled in investors with the promise of better returns than banks, assistant inspector S L Mahadik of Naupada police station said.

However, the accused recently downed the shutters of their firm without informing or paying their investors and have remained absconding, he said.

More than 40 investors have been duped to the tune of over Rs 80 lakh and the amount may increase as the probe progresses, the official said.

An offence of cheating has been registered against the duo, wo has also been charged under other relevant sections of the IPC and Maharashtra Protection of Interest of Depositors (in financial establishments) Act, 1999, he said, adding that a hunt has been launch for the accused.

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