2 hrs ago

Thane Firm Directors Booked Over Alleged ₹7.09-Crore Investment Fraud

68 investors duped of ₹7 crore; 6 directors of Thane firm booked · livemint.com

Police in Thane say six directors of an investment firm cheated many people.

The firm allegedly promised investors very high returns on their money.

A vada pav seller first invested ₹5,000 and later ₹3 lakh.

He was told he would receive 5 per cent interest each month.

The company delayed payments and eventually stopped its operations.

The seller was later asked to pay more money to recover his earlier investment.

He and other investors complained to the police.

Police said 68 people had reportedly lost a total of ₹7.09 crore.

Key facts

Accused: Six directors of a private investment firm
Reported victims: 68 investors
Reported loss: ₹7.09 crore
Promised return: Up to 5 per cent monthly
Reported tactics: Delayed payouts, affidavits describing investments as personal loans, cancelled cheques and an operations suspension notice
Earlier arrest: The accused who ran the share-broking company was arrested in May 2023 in a separate investment-fraud case and later secured bail
Reported amount discrepancy: The article gives both a ₹7.09-crore total and individual losses ranging from ₹14 lakh to ₹84 lakh; those figures do not mathematically align when applied to all 68 investors.

livemint.com · 2 hrs ago