12 of BKC company booked for defrauding 45 investors of ₹16.45 Cr
Mumbai: Twelve top functionaries, including directors of a private company based in Bandra Kurla Complex, were booked by the Economic Offences Wing (EOW) of the Mumbai police for allegedly duping 45 investors to the tune of ₹16
Mumbai: Twelve top functionaries, including directors of a private company based in Bandra Kurla Complex, were booked by the Economic Offences Wing (EOW) of the Mumbai police for allegedly duping 45 investors to the tune of ₹16.45 crore.
The company- Glodyne Technoserve Limited, lured investors into lucrative returns on fixed deposits. They initially gave returns to the investors. However, later it defaulted on repayments and caused huge wrongful losses to the investors.
The FIR is registered based on a complaint filed on Wednesday by a 71-year-old Pedder Road resident, Ramchandra Nagpal, who is in finance. On Nagpal’s complaint, the EOW has booked 12 top functionaries, including directors of Glodyne Technoserve Limited, Anand Sarnaik, RSP Sinha and Devyani Sarnaik, Alok Sharma, Samar Rey and seven others.
The case was first registered at the BKC police station on Wednesday and was transferred to the EOW for further probe, as it involved an amount of over ₹10 crore, said an officer from the BKC police station.
The accused persons have been booked under sections 420 (cheating), 409 (criminal breach of trust by an agent or mediator), 120B (criminal conspiracy) and 34 (common intention) of the Indian Penal Code and relevant sections of the Maharashtra Protection of Interests of Depositors (MPID) Act.
“As per the police complaint the complainant and 44 other investors, mostly senior citizens, had between January 2009 and January 2023 invested huge amounts in the schemes floated by Glodyne Technoserve after they were promised annual returns ranging from 14-21% on fixed deposit schemes,” the police officer said.
Initially, the investors received promised returns and hence they were encouraged to invest bigger amounts and bring in other investors. However, later the accused company started defaulting in paying back the investors, the officer added.
After investors rigorously followed up with the top functionaries of the company, some investors were given cheques, but the cheques came to be dishonoured due to insufficient funds. Thus, the accused caused wrongful loss to the 45 investors to the tune of ₹16.45 crore.
The EOW has booked the accused under relevant sections of the MPID Act which empowers the government to attach the properties of the accused, auction them and recover investors’ dues and pay back the investors after charges against the accused persons are proven.
