The Economic Offences Wing (EOW) of the Mumbai Police arrested a 53-year-old man on November 28 for allegedly duping a 92-year-old woman and three others of Rs11.4 crore by promising them hefty returns on property investments.
The EOW has also attached properties of the accused — worth Rs16-Rs18 crore — to recover the money. The accused, Haresh Ratilal Vaghadia, 53, is a real estate agent. The complainant Meenu Mehta, 92, a businesswoman, met Vaghadia through her chartered accountant.
In 2009, Vaghadia promised the victims interest as high as 25% to 40 % on their investments. He told them he would buy 225 acres of land in Lonavala and in Valne near the Mulshi dam.
He also said he would build bungalows and row houses on the land, sell the properties, and then share the returns with them.
The victims paid by cheque. Vaghadia bought land in his wife’s and friends’ names. He sold it, but did not pay the investors their share of the money.
The victims waited till 2014, and then finally approached the police.
Mehta registered a complaint with Azad Maidan police station in 2014. An FIR was filed against Vaghadia and other unidentified people under the Maharashtra Protection of Interest of Depositors Act (MPID) and the Indian Penal Code. The case was then taken over by the EOW.
Vaghadia was produced before the MPID court and remanded in police custody till December 5.