Mumbai: 50 investors lose Rs 4 crore over ‘attractive’ schemes

The company apparently told the investors that it dealt in commodities like rice and corn. Representation pic

The Manpada police in Dombivli have booked half a dozen people, including two directors of a company, for allegedly duping over 50 investors of Rs 4 crore after promising them hefty returns. The firm claimed it dealt in commodities in the international market and could ensure a return of 5 per cent to 15 per cent every week. The police suspect the actual number of victims could go up to 300.

As per complainant Pankaj Nagrale, he was introduced to a person named Nitesh Mardhekar in February 2022. Mardhekar told Nagrale that a company named Elation Fiscal Pixie Pvt Ltd gave out attractive returns to investors every week. Mardhekar apparently said that the company, registered in 2018, could ensure returns of up to 30 per cent per week through its commodities business. Lured by the figures, Nagrale met Shibu Nair, director of the company.

"Shibu told me their company buys and sells commodities such as rice and corn and they need big investors in order to operate. He offered me four investment plans: Rs 1.48 lakh, Rs 1.82 lakh, Rs 2.22 lakh and Rs 2.72 lakh," said Nagrale, who lives in Ambernath. Nagrale said, "Shibu told me that after investing in a scheme, I would get 5 per cent returns after 30 days. For instance, on an investment of Rs 1.48 lakh, he said I would make Rs 7,410 for the next six weeks. So I took the Rs 1.48 lakh plan and received Rs 44,460."

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Soon, greed got the better of the complainant, who then opted for the Rs 2.72 lakh plan. He also coaxed his sister to invest in the same plan. Both transferred a total of Rs 5.42 lakh to the account of Elation Fiscal Pixie Pvt Ltd. But after he didn't get any returns after 30 days, Nagrale got in touch with Shibu, who kept giving evasive replies. On October 1, Nagrale said, he received a message from Shibu saying he would be committing suicide.

When Nagrale visited the company's office in Dombivli, another director, Srividya Nair assured him that all the investors would get back their money soon. Nagrale found about 50 aggrieved investors in the office. Two days later, when the investors again went to the company's office, they found it shut. That day, they got a message from Shibu saying he would be ending his life and that a person named Sushil Gaikwad was the real culprit.

Realising that they had been cheated, the investors rushed to the police station. The 50-odd investors have been duped of R4.02 crore, said an officer from Manpada police station. The police on Tuesday booked Shibu Nair, Srividya Shibu Nair, Nitesh Mardhekar, Pravin Mhaske, Vivek Gadhave and a few other people for cheating and other charges under the Indian Penal Code. They have also invoked the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act.

"As of now, over 50 investors have come forward and the amount claimed by them is Rs 4.02 crore. We suspect the actual number of investors and the amount could go up," said Shekhar Bagde, senior inspector of the Manpada police station.