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CEO of sports event management company booked for cheating

The Chief Executive Officer (CEO) of a sports event management company was among seven people booked by the Pimpri-Chinchwad police for allegedly duping a Mumbai-based businessman for 1
By Shalaka Shinde
PUBLISHED ON MAR 08, 2021 12:05 AM IST

The Chief Executive Officer (CEO) of a sports event management company was among seven people booked by the Pimpri-Chinchwad police for allegedly duping a Mumbai-based businessman for 1.5 crore.

However, the CEO has claimed that the company only received 25,00,000 in their accounts and has offered to return the money through a legal notice.

However, the complainant allegedly asked for the ownership of the company instead.

The money was allegedly taken from him in the form of investment in the “Maratha Premier League” cricket event and promised regular returns of 20 per cent on investment.

The CEO of the company was identified as Vincent John while the others booked in the case included his partner and five others. The company run by the accused man was identified as Squarecuts Sports Pvt Ltd.

A complaint in the matter was lodged by M Jerome Saldahna (46), a businessman based in Miya Mohammad Chotani road in Mahim, according to the police.

The complainant claimed in his submission to the police that John promised 20 per cent monthly returns while taking an investment of 1,48,39,000 from three people through the complainant.

“My client is not even aware of this case registered against me. The deal was that he was supposed to invest 20 crore in our company and we were supposed to give him an equity share. We made a resolution (in March) to you that within sixty days, we will give you the equity share. He did not follow his promise and we dissolved the resolution. We also sent him a legal notice to ask him to take his money back and asked him for his bank account details. Now he is only looking to create a nuisance because it is getting famous,” said advocate Rakesh Umrani, the legal representative of the company.

A case under Sections 406, 420, 465, 468, 471, and 34 of the Indian Penal Code was registered at the Wakad police station.

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