Frauds dupe people of ₹1.43 cr by misusing name of American firm

Jeffries India Pvt Ltd filed a case against unknown accused for cheating people by falsely promising high returns on investments using the company's name.

MUMBAI: The Marine Drive police registered a case following a complaint lodged by investment bank and financial services firm, Jeffries India Private Limited against an unknown accused who used its name to cheat several people by promising them huge returns on their investments.

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According to the police, the accused advertised on social media using the American firm’s name and then took money promising high returns. After the people approached Jeffries’ office in Nariman Point, the firm lodged a case with the Marine Drive police station.

“We have registered a case following a complaint lodged by Hirji Gorimar, information technology head of Jeffries India Pvt Ltd under sections 419 (cheating by personation) and 420 (cheating) of the Indian Penal Code and under relevant of the Information Technology Act against unknown people who used the company’s name and address and taken investments promising people huge returns,” said the police officer.

Pravin Munde, deputy commissioner of police for Zone 1, confirmed that an offence had been registered after the firm lodged the complaint.

The police officials said that the cheating is to the tune of around ₹1.43 crore which has been brought to the notice of Jeffries, as 7 to 8 people approached the company’s office in Nariman Point after they didn’t get the money thinking that they can get the money going to the office only to learn they were cheated using the firm’s name by frauds.

People thought it was a renowned American firm and invested in them falling for the social media advertisements. After not getting the money back they approached the office of the firm. “Jeffries lodged a case with us, we will pursue the matter and trace the accused,” said the police officer. The police said the frauds have even made several WhatsApp and Telegram groups in the name of the firm posing as executives of the firm to cheat people.