He also imposed a fine of Rs 50 lakh on the accused while pronouncing him guilty under Indian Penal Code Section 420 (cheating) and provisions of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act.
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A court here in Maharashtra has sentenced an investment firm owner to five years' rigorous imprisonment in a case of cheating investors. Thane District Judge P P Jadhav passed the order on Tuesday, and a copy of it was made available on Thursday.
He also imposed a fine of Rs 50 lakh on the accused while pronouncing him guilty under Indian Penal Code Section 420 (cheating) and provisions of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act.
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As per a charge sheet filed in the case, the accused cheated various investors to the tune of Rs 92,64,500. Over 350 people had invested money in the accused's firm based at Vashi in Navi Mumbai.
The judge noted that the accused through his company accepted deposits from victims in 1998 and 1999 promising them lucrative returns, but later did not pay them the money. The prosecution has proved beyond reasonable doubt that the accused indulged in fraudulent activities, the court said in its order.
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