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Home > Mumbai > Mumbai Crime News > Article > Maharashtra Case registered against 20 for cheating investors of Rs 55 crore

Maharashtra: Case registered against 20 for cheating investors of Rs 5.5 crore

Updated on: 16 August,2023 08:32 PM IST  |  Mumbai
mid-day online correspondent |

The accused cheated around eight investors of Rs 5.47 crore between October 2022 and February 2023, the Navi Mumbai Police in Maharashtra said

Maharashtra: Case registered against 20 for cheating investors of Rs 5.5 crore

Representational Pic/File

The Navi Mumbai police in Maharashtra on Wednesday registered a case against 20 people, including a chit fund operator and his agents, for allegedly cheating investors of nearly Rs 5.5 crore, the police said, reported the PTI.


Main accused Satish Gawand allegedly got in touch with the victims through his agents who promised to double their investment in 40 days, an official told the PTI.


The accused cheated eight investors of Rs 5.47 crore between October 2022 and February 2023, the police said, reported the PTI.


The station house officer of CBD Belapur police station in Maharashtra said a case has been registered under the Indian Penal Code, Prize Chits and Money Circulation Schemes (Banning) Act and Banning of Unregulated Deposit Schemes Act against 20 accused persons.

Meanwhile, in an another case, the Thane police have registered a case against a couple owning a trading firm for allegedly cheating a chemical supplier to the tune of Rs 18.08 crore, officials said on Wednesday, reported the PTI.

The victim's firm supplied chemicals to the accused's company between January and June 2020, but they allegedly failed to make the payment, an official from Naupada police station in Maharashtra's Thane city said quoting the complaint.

Later, the accused issued a cheque which was dishonoured by the bank, the complaint stated.

When the victim threatened to lodge a complaint with the GST department, the accused assured to make the payment soon, but later they allegedly became untraceable, the FIR said.

As per the complaint, the victim was allegedly duped of Rs 18,08,45,931, the police said.

Based on the complaint, the police on Monday registered an FIR against the accused, Jaiprakash Yadav and Kusum Yadav, under Indian Penal Code sections 420 (cheating), 406 (criminal breach of trust) and 34 (act done by several persons in furtherance of common intention), the official said, according to the PTI.

No arrest has been made so far, the police added.

(with PTI inputs)

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