Two booked for duping Mumbai-based advertising firm of over Rs 11 crore

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Two brothers have been booked for duping Mumbai-based advertising firm of over Rs 11 crore, an official said on Thursday, reported news agency PTI.

Mumbai Police have registered a first information report (FIR) against two brothers for allegedly duping an Mumbai-based advertising firm of over Rs 11 crore, the official said, reported PTI.

Vicky Bhagwan Wadhwani and Amit Bhagwan Wadhwani allegedly duped Manish Tulsidas Thakkar, owner of an advertising firm, said an official of Chembur police station, reported PTI.

The duo used the services of Thakkar's firm and ran up a bill of Rs 17.07 crore since January 2016 but paid only Rs 5.95 crore, the complainant told the police, reported PTI.

No arrest has been made in the case, which has been transferred to the Economic Offences Wing (EOW) of Mumbai crime branch, the official said, reported PTI.

In another case, Mumbai Police's crime branch on Wednesday arrested the main accused wanted since 2020 for allegedly cheating investors to the tune of Rs 190 crore by promising them hefty returns on their investments under various schemes, an official said, reported PTI.

The accused, Jayant Sanjeeva Shetty, 59, was apprehended by officials of unit 11 of the crime branch from Goregaon (west) in the evening, he said, reported PTI.

"Shetty is the main accused who was wanted in a cheating case registered with the Economic Offences Wing (EOW) of Mumbai Police in 2020," the official said, reported PTI.

Shetty was one of the directors of Shri Ramajenia Leasing and Finance Pvt Ltd. The firm offered various investment schemes promising attractive returns from 2012 to 2017 and hundreds of people invested their money, reported PTI.

However, the firm allegedly didn't return any money to the investors, he said, adding that it was a scam of at least Rs 190 crore, reported PTI.

Mumbai Police had registered an FIR based on complaints lodged under various sections of the Indian Penal Code for cheating and criminal breach of trust and the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act at Malad police station. The investigation was subsequently transferred to the Economic Offences Wing, reported PTI.

After the FIR was registered, Jayant Shetty went into hiding, the official said, adding that teams of EOW were on his hunt.

Based on specific information, a team of EOW's MPID unit came to know about the whereabouts of Shetty.

"They shared information with unit 11 of the crime branch and a trap was laid for 48 hours near a building in Jawahar Nagar area of Goregaon (west) and Shetty was apprehended," the official said, reported PTI.

He was arrested by the police's EOW and further investigation is underway.

(With inputs from PTI)