Thane: Investment firm owner among three held for duping 76 investors of Rs 1.55 cr

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Police in Thane city of Maharashtra have arrested the owner of a Mumbai-based investment firm and its two directors for allegedly duping 76 investors to the tune of Rs 1.55 crore on the promise of attractive returns, an official said on Friday.

The Economic Offences Wing (EOW) of the Thane police's crime branch arrested the trio following a raid conducted at their office on Wednesday, he said.

A 44-year-old Thane resident had recently lodged a complaint with the EOW, stating that he was lured into investing in the firm on the promise of good returns. He was told that his money was being invested in different companies, the stock market and cryptocurrencies, senior inspector at the EOW Chandrakant Katkar said.

"In his complaint, the victim said he invested the money into the firm in 2021-22. He was told that he would get attractive returns on his invested amount. He was also asked to encourage his friends to invest in the company and he responded positively to the request. However, in a few months, the complainant realised that he has been cheated as he did not get any returns, following which he approached the EOW," he said.

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Based on his complaint, a case under various sections of the Indian Penal Code (IPC) and also the Maharashtra Protection of Interest of Depositors (MPID) Act was registered against the three accused - the owner of the firm and two fund managers, who are also its directors - with the Kasarwadavali police, the official said.

"An EOW team on Wednesday conducted a raid at the office of the investment firm located at the Kamla Mills Compound in Mumbai and arrested the trio. Various equipment and material was seized during the operation. The investigators found that the accused had duped a total of 76 investors to the tune of Rs 1.55 crore in this case," Katkar added.

During the probe, it came to light that the investment firm was linked to another such company that had also cheated around 2,200 investors to the tune of Rs 64 crore, the police said.

Police have launched a search to nab the associates of the arrested accused, they said.

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