78 people duped of ₹12 crore by investment firm

The Economic Offences Wing (EOW) of Mumbai Police has booked six co-owners of a firm and their two relatives for allegedly duping 78 people to the tune of ₹12 crore

The Economic Offences Wing (EOW) of Mumbai Police has booked six co-owners of a firm and their two relatives for allegedly duping 78 people to the tune of ₹12 crore by accepting money from them by offering 12% annual interest. The accused used the money to invest in other firms for higher returns, but they failed to return the interest as well as the principle amount to investors.

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According to EOW officers, the complainant, Rajesh Shah, a resident of Goregaon, has alleged that Ramnik Hashmukh Associate lured him into investing money by offering 1 to 1.05% interest per month, in 2016.

“The firm gives a promissory note to investors as an acknowledgement. The said note was allegedly also signed by concerned executives of the firm where the investor’s money would be further invested for high returns,” said a police officer.

Shah, who works at a senior post in a private bank, was also promised by the accused firm that they would return the money within a month if the investor wishes to withdraw the amount.

Shah invested ₹48 lakh and initially received the interest regularly. However, since January 1, 2018, he has not received any interest or principal, following which he filed a complaint, a copy of which is with HT.

Later, Shah learnt that many others also did not get the money from the firm and visited the firm’s Matunga office together. The firm told them that they were facing a major crisis due to demonetisation.

However, investors later found out that the firm invested their money in eight other companies under their relative’s names.

Shah and 77 other investors then approached EOW.

All six of the firm’s co-partners Hasmukh Gogari, Ramnik Dedhia, Dilesh Vira, Mukesh Chheda, Pankaj Chheda, Kushal Chheda and their relatives Hemant Chheda and Jayesh Dedhia are named as accused in the case and have been booked under sections 409 (breach of trust), 420 (cheating), 120B (conspiracy) and 34 (common intention) of the Indian Penal Code and 3 and 4 of Maharashtra Protection of Interest of Depositors (MPID) Act.

The case was first registered at Matunga police station, later EOW took over the investigation, said an officer requesting anonymity.

Calls to Ramnik Hasmukh Associates went unanswered.