Monthly return of 4.5 per cent promised, crores routed to personal accounts; EOW tracking money trail and examining records
The invested funds were transferred into the accused’s personal bank account and two firms connected to him. Representation pic/istock
A Mulund-based businessman and possibly other investors have alleged that they have been cheated of nearly Rs 13 crore after investing in a stock market scheme that allegedly promised fixed monthly returns. Based on the complaint, the Mulund police have registered an FIR under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Banning of Unregulated Deposit Schemes Act, 2019. The scale and nature of the alleged financial irregularities prompted transfer of the case to the Economic Offences Wing (EOW).
According to the FIR, the 43-year-old Mulund businessman said the accused assured him and others a 4.5 per cent monthly return through stock market trading. He told police that the accused executed Memorandum of Understanding (MOUs), issued post-dated cheques and shared WhatsApp messages showing purported trading profits, which allegedly convinced investors that the scheme was legitimate.
He has further alleged that the invested funds were transferred into the accused’s personal bank account and two firms connected to him. The FIR also states that several others may have invested under similar promises.
Investigation underway
Police said preliminary checks indicate that the use of funds may not align with what was allegedly assured. A senior officer said, “All allegations are subject to verification. We are examining documents, bank records and digital evidence.” Officers added that a detailed financial audit will be required to determine the actual flow of money.
The FIR invokes BNS Sections 318(4), 336(2) and 336(3) and Sections 21(1), 21(2), 21(3), 23 and 26 of the Deposit Schemes Act, 2019. EOW officials will now scrutinise money trails, contractual documents and electronic communications to determine whether any laws were violated. Police reiterated that the claims remain allegations until the investigation is complete.The businessman, who is currently abroad, declined to comment.
4.5%
Monthly return promised through stock trading
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