21 December,2023 05:55 PM IST | Mumbai | Samiullah Khan
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A case of defrauding citizens under the guise of investing in a company has been discovered in Malad, prompting the Malad police to file a case involving a fraudulent sum of Rs. 12 lakh 80 thousand.
The complainant, a Kurla resident, learned about the fraudulent scheme at a company seminar last year. A person at the seminar informed the complainant about a company in Kachpada. Having faith in this information, the complainant went to the company and met with the owner.
The complainant invested Rs. 1 lakh 20 thousand after the owner promised him a 30 per cent monthly profit on his investment. The complainant persuaded some friends to invest in the same company because of the promised returns.
The investors were given shopping cards as an incentive. These cards, which could be purchased for a variety of amounts, allegedly allowed them to make monthly purchases over the card's value. For example, a Rs. 10,000 card allegedly allowed Rs. 30,000 in purchases over the next six months. Similarly, a Rs. 1 lakh card was said to allow monthly purchases of Rs. 50,000. Believing these promises, the complainant decided to purchase a shopping card, expecting profits and a return on investment in seven months, according to an officer.
When the complainant inquired about the company's profitability, he received ambiguous responses. He demanded the principal amount, which prompted the company to issue two checks. Both checks, however, bounced, and the company owner remained unresponsive to inquiries about the cheque bounce. Realising he had fallen victim to fraud, the complainant promptly reported the incident to the Malad police station he added.
"We have registered the case under various sections of IPC investigation is underway said another officer from Malad police station."
