Gujarat firm dupes 41 from Mumbai of Rs 3.5cr, 5 booked
The Economic Offences Wing (EOW) recently booked five directors and partners of a Gujarat-based investment firm for allegedly duping 41 citizens of Rs 3.5 crore by luring them to invest in ponzi schemes and defaulting on payment. The firm had a branch in Andheri.
The five accused directors and partners of JPV Capital Investment Advisor (partnership firm) and JPV Capital Investment Limited Liability Partnership (LLP) were booked under sections of the IPC and MPID Act for cheating, criminal breach of trust and running ponzi schemes.
The FIR against the accused was registered on the complaint of 72-year-old Kamal Bulchandani, a solicitor and Khar resident. Bulchandani stated in his complaint that in November 2016, he met one of the directors through his financial consultant. The director’s firm wanted to expand the business and was looking for investment in exchange for assured returns.
“The firm assured monthly returns if the investment was retained for 13 months. It offered investors 5% monthly returns on investments above Rs 3 lakh and 4% on investment above Rs 5 lakh,” Bulchandani’s complaint said. He had invested Rs 24 lakh.
From December 2016 to November 2017, he got monthly interest of Rs 15,000 to Rs 20,000, but after that, the firm stopped paying interests.
According to the complaint, partners of JPV Capital Investment Advisor registered their partnership company as JPV Capital Investment LLP, after which investors stopped getting returns.When the investors approached the director, he promised to return the money, which never came. The firm also shut its Andheri office.
Around 41 investors then approached police. “The number of victims may rise. We are gathering evidence in the case,” said an EOW official.