A case has been registered against 15 employees, including four directors, of an investment firm at Malad (East), for allegedly cheating investors in their firm of several crores.
The police suspect that over 4,000 persons from all over the country have fallen prey to the firm’s fraud investment scheme.
“The four directors have gone into hiding and we do not have any evidence against the remaining persons who have been named in the first information report. Hence, no arrests have been made in the case,” said Rameshwar Sutle, police sub inspector of Dindoshi police station.
Explaining the modus operandi of the accused, the police said the firm had promised to give investors 10% interest every month and the guarantee of returning the principle amount by the end of the maturity period. Initially, the investors received the promised interest. Later, the interest stopped coming in and the accused refused to return the principle amount.
Several victims had gathered outside the police station on Saturday, demanding action against the accused and the main complainant Prasad Mhatre, who was also allegedly an agent with the said firm.
The victims said Mhatre lured several investors to put money into the fraudulent scheme. Mhatre had lodged a police complaint against the firm because his wife had allegedly invested money in the firm. “We found that Mhatre’s wife, Rashmi, had made an investment of Rs23.5 lakh in the firm,” Sutle said.
Mhatre, however, denies any involvement. “I was not the firm’s agent. Based on my investment, I had informed a few people about the investment scheme,” said Mhatre, “If I was guilty I would not have filed the complaint.” “We are soon going to book Mhatre for his involvement in the case,” stated Sutle.