The Economic Offences Wing (EOW) of the Thane police has launched an investigation after a businessman accused a company and its partners of indulging in large-scale investment fraud, officials said on Wednesday, reported news agency PTI.

In his complaint to the Naupada police station, the man said he invested Rs 8 lakh in 2016 through the firm, which had promised him a monthly interest of 1.8 per cent. However, the payment allegedly stopped after two years.

When questioned, the accused allegedly cited “poor financial condition” as the reason for failing to pay dues, the Thane police said in a release, reported PTI.

“The complainant learned that the accused persons had defrauded approximately 200 other investors of more than Rs 100 crore through their company,” it said, reported PTI.

A case was registered on November 14 under the Bharatiya Nyaya Sanhita and Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act against the company, its two identified partners and others.

One of the persons named in the FIR had been booked earlier in 2019 and 2023, police said. The EOW carried out searches at his house in the Naupada area and the company`s office at Vishnunagar on November 15 and seized documents, hard disks, and other materials, it said, reported PTI.

The agency has also appealed to citizens to come forward if they have been cheated by the company.

Two acquitted by Vasai court in 2021 murder and molestation case

In another case, the Vasai sessions court in the district has acquitted two men accused of murdering a man and outraging his wife`s modesty in 2021, holding that the prosecution could not produce sufficient evidence, reported PTI.

A copy of the order passed by H A S Mulla on November 3, acquitting Bles Ankles Tapeli and Moshe Valtar Katwar, both 26 years old, became available on Tuesday, reported PTI.

The duo were accused of outraging the modesty of a local woman and thrashing her husband to death.

The prosecution, however, could not produce the woman as a witness before the court.

Had she been examined, the matter would have taken a different turn, but she failed to appear before the court and police could not trace her, noted judge H A S Mulla, reported PTI.

Further, both the informant and the sole eye-witness turned hostile.

“The investigation officer not being an eye-witness, his testimony will only be a corroborating factor. Thus, no case is left for the prosecution,” the court said, adding that there wasn`t enough evidence to hold the accused guilty.

(With inputs from PTI)

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