Thane: Naupada police have registered a case against the proprietor of a Thane-based investment firm for allegedly duping 10 investors of over Rs 1.2 crore by promising exorbitant returns through share trading and foreign exchange (forex) investments.The case was registered following a complaint lodged by a 47-year-old Thane resident, who alleged that the accused, operating an investment firm from Meenatai Thackeray Road in Thane West, lured him and several others into investing by claiming he could generate substantial profits through forex and stock market trading.According to the FIR, investors were promised monthly returns ranging between 6% and 12% over a tenure of 11 to 12 months.
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Believing these assurances, the complainant invested Rs 18 lakh with the firm. While he initially received Rs 7.2 lakh as returns, the accused allegedly stopped making further payments and failed to refund either the promised returns or the principal amount.During the investigation, it emerged that the accused had allegedly adopted a similar modus operandi to lure at least nine other investors, collectively cheating them of more than Rs 1.2 crore through the same scheme.The complaint was routed through the Economic Offences Wing, following which Naupada police registered an FIR against the accused under relevant provisions of the Bharatiya Nyaya Sanhita pertaining to cheating and criminal breach of trust, along with sections of the Maharashtra Protection of Interests of Depositors Act.Police said the accused is yet to be arrested and efforts are on to trace him. Investigators are also working to identify additional victims, trace the flow of funds through the firm’s accounts, and ascertain the full extent of the alleged investment fraud before filing a chargesheet.
