Thane: Thane police are on the lookout for a man accused of cheating seven investors of Rs 1.53 crore under the pretext of offering high returns. A 33-year-old medical representative from Thane filed the complaint, stating that the fraud took place between May 2020 and August 2022.
The accused, RR Chavan from Kalwa, posed as a mediclaim insurance agent and claimed to be a partner in a SEBI-approved securities firm offering investment schemes with better returns than banks.
The complainant invested Rs 23 lakh, but when he demanded returns, Chavan gave evasive replies. It was later discovered that the firm was bogus and six others had been duped similarly.
Thane police have registered a case under Indian Penal sections 406 and 420, and Section 3 of the Maharashtra Protection of Interest of Depositors Act.
