Thane Proprietor Booked in Naupada for Cheating 10 Investors of Rs 1.2 Crore
The Naupada police in Thane city have registered a criminal case against the proprietor of two financial investment firms for allegedly cheating 10 investors out of Rs 1.2 crore. The accused lured victims with fake share and foreign exchange (forex) trading schemes that promised lucrative monthly returns ranging between 5 and 6 per cent for investments made between 2022 and 2024.
According to police officials from the Naupada station, the accused built an extensive agent-network system to solicit new clients and expand his financial operations. He claimed to prospective investors that his two firms conducted active trading operations in both domestic share markets and international foreign exchange markets, using this explanation to justify the high returns offered on investment plans that typically spanned nearly a year.
The fraudulent scheme unraveled after one of the victims approached law enforcement authorities with a formal complaint. The complainant had deposited a total sum of Rs 18 lakh into the accused's trading schemes. While the investment firm initially disbursed Rs 7.2 lakh back to the complainant as partial interest payments, the remaining principal amount as well as the promised accrued interest were never repaid despite repeated requests.
Following the initial complaint, the Economic Offences Wing (EOW) initiated a detailed preliminary inquiry and verification into the investment firms' activities. The EOW investigation revealed that at least nine other investors had fallen prey to the same fraudulent promise of high returns. These nine additional victims were collectively defrauded of Rs 1.02 crore, taking the overall swindled amount across all 10 identified investors to Rs 1.2 crore.
On July 24, following the completion of the EOW inquiry, the Naupada police registered a formal case against the firm proprietor. The charges against the accused include relevant legal provisions for cheating, criminal breach of trust, and specific offenses under the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act.
Police confirmed that no arrests have been made so far in connection with the financial scam. Further detailed investigation into the matter is currently underway by local law enforcement and the Economic Offences Wing.
