Police in Maharashtra`s Thane city have registered a case against five persons for allegedly cheating 14 investors of Rs 3.6 crore with the promise of “high” returns, an official said on Friday, reported news agency PTI.

According to the official from Srinagar police station, a shopkeeper from Vikhroli in Mumbai approached them with a complaint against the accused, including the founder of a company.

The complainant said he and 13 others had collectively paid Rs 3.6 crore to the company since February last year after the accused persons enticed them with “high and assured” returns, reported PTI.

The firm paid returns regularly in the beginning, but the payments later stopped abruptly. The accused failed to return the principal amounts as well, the official said, citing the FIR registered on Wednesday.

Besides the Bharatiya Nyaya Sanhita, police have also invoked the Maharashtra Protection of Interest of Depositors (MPID) Act, he said, adding that the case has been transferred to the Economic Offences Wing, reported PTI.

Elderly man loses Rs 9 lakh as cyber fraudster posing as cops threaten to arrest him

In another case, cyber fraudsters posing as police personnel allegedly duped a 79-year-old Mumbai man of nearly Rs 9 lakh as they threatened to arrest him in a money laundering case, officials said on Thursday, reported PTI.

The incident took place recently and based on a complaint lodged by him, the police registered a case against unidentified persons, an official of Charkop police station said.

The complainant, who lives with his wife in Kandivali, is a retired employee. Last month, he received a call from a man, who identified himself as Gupesh Kumar, reported PTI.

The caller informed him that his mobile SIM card would be deactivated within two hours and that another SIM issued in his name was being used for fraudulent activities. He further claimed that the Delhi police had registered a case against him.

The fraudster falsely told the man that Rs 2 crore linked to a money laundering case had been deposited into his bank account, and that he would soon be arrested under money-laundering charges. His bank account would also be frozen, according to police, reported PTI.

Claiming that the case would be closed only after verification, he convinced the victim to transfer money into several bank accounts. The fraudsters assured him that the amount would be returned after the inquiry. Trusting them, the senior citizen transferred nearly Rs 9 lakh, they said, reported PTI.

The police have booked the accused under charges of impersonation, cheating, and various sections of the Information Technology Act.

Investigators are now tracing the bank accounts into which the money was transferred and gathering details of the account holders, further investigation is underway, official added.

(With inputs from PTI)

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