Cops say those at helm of ‘Nidhi Limited’ allegedly fleeced seven, including complainant, after promising to double their investment in 20 months
The firm lured investors with good monthly returns. Representation pic/iStock
The Bhandup police have booked directors of a Bhandup-based firm for duping multiple investors of Rs 1.23 crore. According to the police, the firm ‘Nidhi Limited’ defrauded at least seven investors with a promise of doubling their money in 20 months and also offering five per cent monthly returns over the investment.
Police said that the FIR follows a complaint filed by a 64-year-old victim, a machinery workshop owner and a resident of Bhandup, who alleged that he was lured into investing in schemes floated under the banner of ‘Anagha Jankalyan Nidhi Limited’ and other linked entities.
Money double trap
The accused allegedly assured investors that their money would double within 20 months. The scheme chart showed slabs, with '10,000 becoming '20,000, '50,000 turning into Rs 1 lakh, along with a fixed five per cent monthly return.
Rs 35.25L
Amount the complainant invested
How scheme was structured
. Investment plan promising to double money in 20 months
. 5% fixed monthly return
. Printed payout chart showing investment vs total return
. 20-tier commission structure
. “Direct 10 sponsor compulsory” to unlock higher levels
. Separate “spot income” and “monthly ROI income”
The complainant’s transaction history
Between September 1, 2023, and March 4, 2024, the complainant allegedly transferred Rs 35.25 lakh through RTGS, NEFT, UPI, and cash transactions. He initially received Rs 2.10 lakh as returns, which reinforced his trust in the scheme.
Sold gold to invest
The complainant alleges that he raised '18 lakh by selling gold ornaments belonging to his wife and daughter.
The investors
Six other investors and their relatives have claimed losses amounting to Rs 88.29 lakh. Together with the complainant’s investment, the total alleged fraud stands at Rs 1,23,54,704.
PoliceSpeak
Unlike fly-by-night online investment scams, the alleged scheme operated from a physical office in Bhandup and cited additional addresses in Ambernath and Kalyan, lending it an appearance of legitimacy. Police have booked seven along with two companies under IPC sections 120-B, 34, 409 and 420, and relevant provisions of the Maharashtra Protection of Interest of Depositors Act. IPC sections were invoked as the fraud took place before the Bharatiya Nyaya Sanhita came into effect on July 1, 2024.
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