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Home / Cities / Five of a family get 5 years RI in ₹10-crore scam case

Five of a family get 5 years RI in ₹10-crore scam case

cities Updated: Jan 26, 2020 00:53 IST
Ankita G Menon
Ankita G Menon

Five people were sentenced to five years’ rigorous imprisonment for cheating 300 people of ₹10crore in 1998.

Grocery shop owner Narayan Thakkar and his four family members lured people to invest money in schemes claiming high returns.

Twenty years later, Thane sessions court convicted the five and fined them.

The five had a grocery shop at Kharkar Ali, Thane.

They had been cheating people since 1991, telling customers that they are running an export business of medicines in Africa.

They promised people 2% interest on their investment. Later, they increased the interest by 18%.

Most retired people started investing in the scheme.

Thakkar gave people money back for some years. Later, he started cheating them.

Around 325 people lost their money. A case was registered with Economic Offence Wing in 2001.

Sanju John, who is crime branch officer of Thane zone 3, was in the investigation team when it was registered in 1998.

“We worked hard to get a strong case against the accused. In 2017, all those cheated received 75% of their money back from the accused as per court orders.”