Malad departmental store booked for cheating investors of R 2 crore Samiullah Khan samiullah. khan@ mid- day. com THE owners of Shree Malad Dal Mill, a well- known departmental store, have been booked by the Malad police for allegedly cheating dozens of investors of nearly R 2 crore. The owners, including Hasmukh Bhai Rambhia, Bhavesh Rambhia, Ratilal Rambhia, and Miken Rambhia, allegedly took crores of rupees from people by promising 15 per cent returns per annum.
They had assured customers that they would be given better returns than banks. As it was an well known store, each customer invested lakhs of rupees,u201d said a Malad police officer.
They assured us we could withdraw the principal amount anytime. But after demonetisation, returns stopped from April 2017,u201d said a victim, Navrang Joshi, who had invested R 42.25 lakh with his wife.
An Malad police officer said, u201c We have registered a complaint.u201d The cops have served them notices but the owners have not acknowledged them.
The accused have applied for anticipatory bail.
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