Bhiwandi man duped of ₹31.95 crore, two booked

Bhiwandi businessman who invested the money with the promise of high return on investment had filed a private compliaint.

BHIWANDI

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The Narpoli police in Bhiwandi have booked a cheating and criminal breach of trust complaint against the proprietor and manager of a West Bengal based Investment firm for allegedly duping a Bhiwandi-based businessman to the tune of ₹31.95 crore.

The accused have been identified as Parag Thakkar (Proprietor) and Sagar Chinnarampaili (manager). Thakkar is the owner of Indo Pacific Global Services and he had promised an 11 to 12 % return on investment on the original investment of ₹31.95 crore made by the complainant.

The accused allegedly accepted money from them under the pretext of investment in a profitable scheme, offering lucrative returns of around 11 to 12 percent and later failing to return the profit or the principal amount to them.

Police said that the complainant has been identified as Sandeep Kumar Bhagwandas Gupta, 35, a businessman, and a resident of the Kamatghar area in Bhiwandi. He approached the court and filed a private complaint against the firm and its owner and manager under sections 420, 406, and 34 of the Indian Penal Code.

Pramod Kumbhar, Police Inspector, Narpoli Police Station said, “The complainant has filed a private complaint under section 156 (3) of the code of criminal procedure. The court has ordered to lodge a case and investigate the matter.” He further added, “Prima facies, the firm had given profitable interest to the victim till February 2022. Thereafter, the firm did not fulfill its promises and failed to return the interest and principal amount. The firm made a promissory note and later gave 42 cheques of ₹31.95 crore to the victim but later the victim came to know that the bank account was frozen.”

A police inspector from Narpoli police station said, “No arrest has been yet. We will arrest them soon.”