The accused have been identified as Sagar Subodh Karivadekar, a resident of Sindhudurg, and Sachin Balkrishna Rane from Thane; the case was registered based on a complaint filed by a woman from Bhandup in neighbouring Mumbai
Representational Image
Thane Police have registered a case against two individuals for allegedly cheating 12 investors of Rs 1.78 crore through a fraudulent share market scheme promising high returns, reported news agency PTI.
The accused have been identified as Sagar Subodh Karivadekar, a resident of Sindhudurg, and Sachin Balkrishna Rane from Thane. The case was registered based on a complaint filed by a woman from Bhandup in neighbouring Mumbai, reported PTI.
According to police officials, the accused allegedly convinced the complainant and 11 others to invest in a purported share market scheme between October 15, 2021, and December 30, 2025.
The duo reportedly promised lucrative returns to gain the trust of investors. The complainant alone is said to have invested Rs 26 lakh in the scheme, believing the assurances provided by the accused.
Authorities said that instead of delivering returns, the accused allegedly failed to return the invested funds, defrauding multiple investors over a period of nearly five years, reported PTI.
The total amount involved in the alleged scam stands at Rs 1.78 crore, making it a significant case of financial fraud in the region.
A case has been registered under relevant sections of the Bharatiya Nyaya Sanhita, including cheating and criminal breach of trust, along with provisions of the Maharashtra Protection of Interest of Depositors (MPID) Act, reported PTI.
Police officials confirmed that no arrests have been made so far and further investigation is underway to trace the accused and recover the defrauded money.
Authorities have urged citizens to exercise caution while investing in schemes that promise unusually high returns and to verify the authenticity of such offers before committing funds.
Mephedrone, codeine-based cough syrup worth Rs 68 lakh seized in Thane; two held
In another incident, two persons have been arrested for alleged possession of mephedrone and banned codeine-based cough syrups worth Rs 68 lakh in Maharashtra's Thane city, police said on Friday, reported PTI.
The accused were nabbed from a dilapidated hut at Thakurpada in the Mumbai area on the night of February 24, an official said.
Azim Ahmed Naeem Ahmed Khan (29) and Abuzaid Imtiaz Khan (28) were found in possession of 57 bottles of codeine-based cough syrup and 338.1 gm of mephedrone, which they were intending to sell, he said, reported PTI.
The seized contraband is worth Rs 68 lakh, he added.
"The stock of cough syrup containing codeine falls within the definition of drugs and is misused for intoxication. The accused purchased and sold the syrup illegally, violating the Drugs and Cosmetics Act," the official said, reported PTI.
A case has been registered against the duo under the Narcotic Drugs and Psychotropic Substances (NDPS) Act and the Drugs and Cosmetics Act, 1940, he said.
(With inputs from PTI)
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
