Thane finance firm cheats 100 investors of Rs 1 crore | mumbai | Hindustan Times
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Thane finance firm cheats 100 investors of Rs 1 crore

About 100 investors were allegedly cheated by a Thane-based finance company of over Rs 1 crore.

mumbai Updated: Nov 23, 2009 00:40 IST
HT Correspondent

About 100 investors were allegedly cheated by a Thane-based finance company of over Rs 1 crore.

The investors, who came from as far as Chembur, Govandi and Nashik, had gathered outside the locked office of 786 Sales and Services Company near Gaondevi maidan on Sunday demanding their money back.

The Naupada police have registered a case of cheating and criminal breach of trust against the company’s proprietor Abdullah Khan. A police team was sent to Govandi, where Khan was supposedly hiding.

“Khan has been duping people since April. We have received complaints from 27 people, who have named 12 accused including Khan and have been cheated of

Rs 42.9 lakh. There are chances of more people being duped,” said Assistant Commissioner of Police R.P. Shivdas.

“Khan had given advertisements in regional newspapers. He said if we would invest money in his firm, he would pay us double or triple the amount in 2-3 months. I had first invested Rs 6 lakh in July. He had paid one installment of Rs 4 lakh. Later he asked me to invest more. I never got that money back,” said Kanjurmarg resident Mohan Devle (51).

Chembur resident Prabha Chavan (42), who invested Rs 6 lakh in October, has not received a single penny back.

“He gave me three post-dated cheques, which have bounced. When we told him to return our money, he asked us to come on November 20. By then, he and his family had left the place,” said Chavan.

“I think the number of those cheated could be over 1,000. When I asked him how he will double our invested money, he said he would re-invest our money in foreign exchange, property deals, commodity markets and share the profits with us,” said another investor, Milind Kulkarni (51) from Nashik.