Family of four booked for cheating 60 people of ₹4 Cr

According to the Trombay police the accused told the victims that he had invested their money in several share markets in foreign countries which allowed him to pay them high returns of 10%-15%

MUMBAI: A family of four has been booked for allegedly cheating around 60 people of nearly ₹4 crore by promising them 10% to 15% monthly returns on their investments. According to the Trombay police the accused told the victims that he had invested their money in several share markets in foreign countries which allowed him to pay them high returns.

A family of four has been booked for allegedly cheating around 60 people of nearly ₹4 crore by promising them 10% to 15% monthly returns on their investments. (Shutterstock)

The police have identified the accused as Vilas Kadam, 50, and three of his family members, Vishaka Kadam, Vipul Kadam, and Mansi Kadam, residents of Mankhurd. The police said that one of the duped victims, Amol Shinde, a resident of Maharashtra Nagar in Mankhurd, first heard of the lucrative investment opportunity in 2022. Shinde was informed that the Kadam family, which stayed not far from his own house, was offering a 5% to 13% return on investments per month. Kadam had told his investors that they had to inform him at least a month in advance if they wanted to withdraw their investment.

From May 2022 to March 2023, Shinde invested a total of nearly ₹33 lakh with the accused who had kept paying up the interest every month to gain the interest of their victims, said the police. “The accused even signed MoUs when they paid him to gain their confidence,” said a police officer.