08 September,2026 11:33 AM IST | Thane | mid-day online correspondent
The fraud was allegedly carried out over several years through multiple corporate shells. Representational Pic
Police have registered a case against six directors of a private investment firm in Maharashtra's Thane district for allegedly cheating 68 investors of Rs 7.09 crore after promising high returns, officials said on Tuesday.
The fraud was allegedly carried out over several years through multiple corporate shells, they said, PTI reported.
A vada pav vendor from Malad in Mumbai was seeking to buy an insurance policy in 2018 when an acquaintance introduced him to one of the accused, who was then running a share-broking company, a police official said.
The vendor initially deposited Rs 5,000 and later invested Rs 3 lakh in the accused's company after being promised a 5 per cent monthly return. He was assured interest of Rs 1.05 lakh over six months. Several others also invested money based on similar promises.
When the victims visited the firm's office in Kandivali to collect the promised interest, the staff allegedly delayed the payout by 45 days and coerced them into signing affidavits claiming that the money was a personal loan to the accused. The branch was subsequently shut, the official said.
The investors were then directed to the company's head office in Bhandup, where they were given cancelled cheques and online withdrawal receipts. They later received an email stating that the firm's operations had been suspended for six months, PTI reported.
In May 2023, Bhandup police arrested the accused, who had been running the share-broking company in connection with an investment fraud. He later secured bail and released a video message announcing a new corporate initiative.
The vendor subsequently met the accused in Dombivli, where he was allegedly told that he would have to pay an additional Rs 80,550 under a 22-month return plan to recover his locked investment of Rs 5.37 lakh, the official said.
The vendor paid the additional amount but did not receive the promised payouts.
When the vendor and other victims approached the directors of the new corporate firm, including the accused, regarding the return of their capital, they allegedly received evasive responses, police said.
The vendor and other victims lodged a complaint with Ramnagar Police on Sunday. The complaint revealed that 68 individuals had allegedly been duped of Rs 7.09 crore, with individual investments ranging from Rs 14 lakh to Rs 84 lakh, police said, the news agency reported.
Police have registered a case under relevant legal provisions and are probing the matter.
(With PTI inputs)
