Thane: 78 persons duped of Rs 3.7 crore in investment fraud; probe on

The officials on Thursday said that the Thane police have registered a case against eight individuals associated with an investment firm for allegedly cheating 78 investors of Rs 3.7 crore after promising them high returns, reported news PTI.

The firm opened its office in the Dombivli area of Maharashtra`s Thane district some years back and began marketing various investment schemes that promised lucrative interest rates.

The accused, including partners and employees of the firm, lured people to invest money for good returns, an official.

The victims invested money in the firm`s schemes between 2021 and 2022.

“The accused issued certificates to investors, acknowledging their investments and promising attractive returns. However, after receiving the funds, they failed to deliver the agreed interest and also did not return the principal amount to the investors,” the official said, reported PTI.

One of the 78 victims subsequently lodged a police complaint on behalf of the group.

The police on Tuesday registered an FIR against eight persons associated with the firm under sections 420 (cheating), 406 (criminal breach of trust) and 34 (common intention) of the Indian Penal Code, and provisions of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, the official said, reported PTI.

“We are currently probing the case. As of now, no arrest has been made, but all the accused have been identified and we are verifying the financial trail. Action will be taken as per law once we complete the preliminary inquiry,” the official added.

(With inputs from PTI)

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