CMD of finance firm booked for duping about 200 investors after promising high returns

Kamble told Surve that his company offered good returns on investment and gave pamphlets of attractive investment schemes.

Mumbai: The police has booked a local finance firm’s chairman and managing director for duping around 200 people to the tune of over ₹50 lakh by promising lucrative returns on their investments. Complainant Hirendra Surve, 57, a resident of Ghodbunder in Thane learnt about Globate Capital Index Pvt Ltd in August 2021 through a friend, whose son Swapnil Kamble was working with the company.

Globate Capital Index CMD Israr Iliyas Khan

Kamble told Surve that his company offered good returns on investment and gave pamphlets of attractive investment schemes.

Kamble also introduced Surve to his employer and Globate Capital Index CMD Israr Iliyas Khan. “Khan told me that no other company is giving high returns like his company and that my investment would be secure,” Surve said in his statement to the police.

Surve subsequently invested ₹50,000 in October 2021 in the firm’s 32-week, which promised a weekly interest of ₹1,674 for 27 weeks and after 27 weeks, a total interest of ₹45,198.

They said later the principal amount would be returned to him in five weekly instalments so overall it was a 32-week scheme, the police said. Surve also invested ₹1 lakh in his wife’s name in December 2021.

For initial 13 weeks, Surve received regular interest, however, since January 2022 he and his wife both stopped receiving interest money.

When Surve met Khan expressing his displeasure, Khan told him that his partner was arrested by the police. Khan assured Surve that he would go to Kalyan court and take his partner’s signature and release the balance funds to the investors.

On March 17, 2022, company employee Kamble and other staff went to Khan’s Jogeshwari residence, as they did not receive their salaries since January 2022. They learnt that Khan was preparing to leave the city with his family.

Surve then reached Khan’s Mulund office to learn that like him several other investors had also not received the interest amount and maturity amounts.

Surve and other investors then tried to contact Khan to get their money back but in vain. He and other investors later lodged a complaint with the Mulund police.

Speaking to HT, Surve claimed that more than 197 individuals from 50 families have invested money in the firm’s schemes. The victims are from middle and lower-middle class families.

“Based on the investor’s complaint we have registered an investment fraud case against the said company’s directors under relevant sections of Maharashtra Protection of Interest of Depositors (MPID) Act and IPC. Further investigation is on,” said Kantilal Kothimbire, senior inspector of Mulund police station.

“More victims are coming forward to lodging complaints and the victim tally may go up in the coming days. We are trying to trace the accused directors of the accused company,” said assistant police inspector Sunil Karande, the investigation officer of the case.

Another victim Vikram Pawar, 38, an Andheri resident has said that he and his sister invested ₹3.67 lakh with Khan’s firm and were duped. Like others. they also received interest amount initially and the company defaulted later, Pawar said.

Despite repeated attempts, Khan could not be reached for comments.