In Brief:
- Thane firm proprietor booked for defrauding 10 investors of ₹1.2 crore.
- Promised lucrative 5%–6% monthly trading returns.
- Lured clients via an agent network between 2022 and 2024.
- Primary victim got partial interest before payments ceased.
- Charged with cheating and MPID Act violations; no arrests made yet.
A case has been registered by the Naupada police against the proprietor of two Thane-based financial investment firms for allegedly defrauding 10 investors of ₹1.2 crore.
Operating between 2022 and 2024, the accused used an agent-network system to lure clients with promises of 5% to 6% monthly returns through share and foreign exchange trading.
The fraud came to light after a primary complainant, who invested ₹18 lakh, received only ₹7.2 lakh in interest before payouts ceased. An Economic Offences Wing (EOW) investigation revealed nine other victims were similarly cheated out of ₹1.02 crore, leading to charges of cheating, criminal breach of trust, and violations under the Maharashtra Protection of Interest of Depositors Act. No arrests have been made as the investigation continues.
