Thane, Jul 27 (PTI) A case has been registered against the proprietor of two financial investment firms in Maharashtra’s Thane city for allegedly cheating 10 investors of Rs 1.2 crore by promising lucrative returns through share and forex trading, police said on Monday.
The accused lured investors between 2022 and 2024 by claiming his firms conducted active share and foreign exchange (forex) trading. He offered investment plans spanning nearly a year, promising monthly returns of 5 to 6 per cent and operated an agent-network system to bring in new clients, a Naupada police official said.
One of the victims, the complainant in the case, initially invested Rs 18 lakh in the accused’s trading schemes. While the firm paid back Rs 7.2 lakh as partial interest returns, the remaining principal amount and accrued returns were never repaid, he said.
Upon further inquiry and verification by the Economic Offences Wing (EOW), it was found that at least nine other investors were similarly cheated to the tune of Rs 1.02 crore, the official said.
Following a detailed preliminary inquiry by the EOW, the police registered a case against the accused on July 24 under relevant provisions for cheating, criminal breach of trust and the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act.
No arrest has been made so far, and further investigation is underway, the police added. PTI COR GK
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