‘Investment firm’ dupes 241 of 76 crore; Mumbai Police’s EOW arrests 2 owners

HT Image
HT Image
Published on Sep 28, 2020 12:06 AM IST
Copy Link
ByVijay Kumar Yadav, Mumbai

The economic offences wing (EOW) of the Mumbai Police arrested two of the six co-owners of an investment firm for allegedly duping 241 people to the tune of 76 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 as they failed to pay the interest as well as return the principal amount, the investors lodged complaints against them.

Hasmukh Gogari and Pankaj Chheda, co-partners of Ramnik Hashmukh Associate have been arrested, confirmed Parag Manere, deputy commissioner of police, EOW.

Both the accused have been charged under sections 409 (breach of trust), 420 (cheating), 120B (conspiracy) and 34 (common intention) of the Indian Penal Code and sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (MPID) Act. Other accused partner in the firm and their relatives who were named in the case are Ramnik Dedhia, Dilesh Vira, Mukesh Chheda, Kushal Chheda and their relatives Hemant Chheda and Jayesh Dedhia. They are yet to be arrested.

“Arrested accused Gogari and Chheda are one of the main accused in the fraud in which 241 investors have been duped of 76 crore. They were produced before the court and have been remanded in police custody till October 1,” said Rajendra Sangale, senior inspector, MPID unit.

According to EOW, the arrests have been made based on the complaint of Rajesh Shah, a Goregaon resident, who alleged that Ramnik Hashmukh Associate lured him into investing money by offering 1 to 1.05% interest per month in 2016.

“The firm had given 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 wished to withdraw the amount.

Shah invested 48 lakh and initially received the interest regularly. However, since January 1, 2018, he had not received interest nor the principal amount, following which he filed a complaint, a copy of which is with HT.

Later, Shah learnt that many others had also not got their money from the firm, and all of them all visited the firm’s office in Matunga. 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. The case was first registered at Matunga police station, later EOW took over the investigation. During investigation more victim investors turned up before the police and now there are 241 victim investors. The number of investors and fraud amount are likely to go up in coming days as the two accused have been arrested, said Sangale.

Close Story

Less time to read?

Try Quickreads

  • Bihar Chief Minister Nitish Kumar. (HT PHOTO)

    BJP to attend Nitish Kumar’s all-party meet on caste census

    The Bharatiya Janata Party will attend an all-party meeting Bihar chief minister Nitish Kumar has convened on June 1 to discuss the modalities for a state-level caste census even as it has faced criticism from its ruling National Democratic Alliance allies for trying to stall the exercise. On May 10, Rashtriya Janata Dal leader Tejashwi Yadav threatened to hold a foot march from Patna to Delhi in case the census is not conducted.

  • IKEA to open a store in Bengaluru in June.

    World Economic Forum meet: IKEA to open store in Bengaluru in June

    Bengaluru might soon get an IKEA store in June this year. Swedish furniture retailer IKEA would open its flagship store in Bengaluru in June. CEO of Ingka Group, of which IKEA is a part, Jesper Brodin on Wednesday met Karnataka Chief Minister Basavaraj Bommai at the World Economic Forum Meet in Davos, Switzerland, and held discussions in the backdrop of the store-opening.

  • The bookstore, called Akhil Bharti, opens at 8 in the morning but there is no closing time.

    Delhiwale: A place for Premchand

    The shop consists of two rooms separated by a thin wall. One long shelf is devoted to the great Premchand. Along with his classic works like Gaban, Karmbhoomi, and Sevasadan, there is a huge selection of his short fiction, including the hauntingly titled Poos ki Raat.

  • The national average for Class 10 is 37.8%, while Delhi’s mean average is 45.4%, after students were assessed in mathematics, science, social science, English and a modern Indian language.

    NAS 2021: 'Delhi schools perform better in higher classes'

    The survey is a national-level large-scale assessment which examines the competencies developed by students in classes 3, 5, 8 and 10, and is conducted every three years to make an overall assessment of the school education system. In Delhi, 64, 049 students from 1,602 schools, both private and government, participated in the survey which took place last year.

  • Squadron Leader Ravi Khanna was among four Indian Air Force officials shot dead by car-borne militants of the Jammu and Kashmir Liberation Front, allegedly including Yasin Malik, on outskirts of Srinagar in January 1990. (AFP)

    Yasin Malik’s conviction: Many got relief today, but I am not at peace, says slain IAF officer’s wife

    Reacting to the life sentence awarded to Yasin Malik on Wednesday, the wife of slain Squadron Leader Ravi Khanna, Shalini Khanna, said, “Though many people would have got relief today, but I am not at peace”. Squadron Leader Khanna was among four Indian Air Force officials shot dead by car-borne militants of the Jammu and Kashmir Liberation Front, allegedly including Yasin Malik, on outskirts of Srinagar in January 1990.

Story Saved
Saved Articles
My Reads
Sign out
New Delhi 0C
Thursday, May 26, 2022