Ayurvedic company dupes people of 30 lakh in investment fraud

Published on Nov 05, 2022 07:31 PM IST

Mumbai: The directors of an Ayurvedic medicine manufacturing firm are booked for allegedly floating a bogus investment scheme and duping around a dozen people to the tune of ₹30 lakh

Ayurvedic company dupes people of <span class='webrupee'>₹</span>30 lakh in investment fraud
Ayurvedic company dupes people of 30 lakh in investment fraud
ByVijay Kumar Yadav

Mumbai: The directors of an Ayurvedic medicine manufacturing firm are booked for allegedly floating a bogus investment scheme and duping around a dozen people to the tune of 30 lakh. The frauds lured the victims by promising them high returns on their investments.

The case is registered based on the complaint lodged by Bharat Shirkar, 49, a Malad East resident who works with a security company. Shirkar’s cousin introduced him to Malad-based Deepak Energy Conservative Private Limited, which is into manufacturing and selling Ayurvedic medicines.

When Shirkar contacted the company, he was told that the firm had various investment schemes wherein they have roped in investors and given them a good profit on their investments. Shirkar was told that he would get a total of 3 lakh in 30 monthly instalments of 10,000 each, if he invested 1.68 lakh in the company’s investment scheme, according to the FIR.

Shirkar decided to invest in the scheme and took a personal loan from a bank for that purpose. Between 2019 and 22, he invested 8.40 lakh. Till June this year, Shirkar regularly received the instalments, but later the company started defaulting on repayment, a police officer said.

When Shirkar followed up on the matter with the company officials, he was told that they would return all his money and sought time to do so, but Shirkar never got his money back. While following up on his matter, he discovered that several other persons were similarly defrauded by the firm, the officer added.

Shirkar and nine more investors then jointly pursued the matter with the company and when they saw that the company was not doing anything, they finally approached the Malad police.

The Malad police station on Thursday registered an FIR against the owners of the firm - Hemant Mataliya, his sister Bijal and her husband Nikunj Patel. All of them are booked under sections 406 (criminal breach of trust), 420 (cheating) and 34 (common intention) of the Indian Penal Code.

Shirkar said that Deepak Mataliya, the father of Hemant, passed away a few months ago due to some illness. After Mataliya’s passing, Hemant, his sister and brother-in-law are looking after the firm’s business. “We are facing tremendous financial pressure because of this and hoping for speedy action by the police,” Shirkar said.

SHARE THIS ARTICLE ON
SHARE
Story Saved
×
Saved Articles
Following
My Reads
My Offers
Sign out
New Delhi 0C
Wednesday, December 07, 2022
Start 15 Days Free Trial Subscribe Now
Register Free and get Exciting Deals