Thane police register case against three for duping investors of Rs 1.51 crore

A case has been registered against three individuals in Thane for allegedly defrauding a 54-year-old housewife and eleven other investors by luring them with promises of high returns. According to PTI reports, the investors collectively lost a total of Rs 1,51,45,838 in the fraudulent schemes, which took place between 2015 and 2019.

As per PTI, no arrests have been made in connection with the case so far. The First Information Report (FIR) was lodged earlier this week at the Thane Nagar police station under multiple sections of the Indian Penal Code (IPC), including 420 (cheating), 409 (criminal breach of trust by a public servant, banker, merchant, or agent), and 406 (criminal breach of trust). Additionally, provisions of the Maharashtra Protection of Interests of Depositors (MPID) Act have also been invoked against the accused.

The accused have been identified as Ravindra Pandurang Jadhav (Chairman), Sahadev Waman Karangutkar (Director), and Rajesh Dattaram Parte (Director). According to PTI reports, they allegedly defrauded the complainants through their companies, Cambridge Infra Properties Pvt Ltd and Sri Siddhivinayak Multistate Agro and Allied Co-operative Society.

As per the complaint, the accused encouraged investors to place their funds in various schemes between February 2015 and July 2019, promising substantial returns. However, when investors attempted to withdraw their money, the accused allegedly failed to honour their commitments and became unresponsive.

In a similar incident of deception earlier this year, a 48-year-old hotelier from Thane has allegedly been defrauded of Rs 13 lakh by a man posing as an excise department official, who falsely promised to secure a liquor sale license for his establishment, police said.

According to PTI reports, the accused approached the victim, who runs a hotel in the Kalwa area of Thane, in January last year. Claiming to be an employee of the Maharashtra state excise department in Nashik, he assured the hotelier that he could procure the necessary permit for him in exchange for a fee. Believing the offer to be genuine, the hotelier paid the accused Rs 13 lakh over multiple transactions.

However, despite repeated assurances, the victim never received the promised liquor permit. As months passed and the accused failed to deliver on his commitment, the hotelier grew suspicious. Upon confronting the alleged fraudster and demanding a refund, he received evasive responses. Realising that he had been deceived, he approached the Kalwa police station and lodged a complaint.

(With inputs from PTI)