‘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

  • A view of Dhan Mill Compound at 100 Feet Road, Chhatarpur, in New Delhi, India, on Saturday, July 2, 2022. (Photo by Amal KS/Hindustan Times)

    Delhi: From a granary to creative business street

    For the uninitiated, Dhan Mill Compound, a former granary and a cluster of warehouses, has morphed into the city’s modish food, fashion, design and lifestyle destination. Its streets are lined with art cafes, home décor outlets, ateliers, art galleries, pottery studios, dance halls and high-end boutiques, whose facades and interiors are as interesting and experimental as the wares they deal in. Interestingly, all of these fancy establishments are housed in re-purposed warehouse buildings, which still have metal roofs.

  • Delhi deputy chief minister Manish Sisodia. (Twitter/@AAPDelhi)

    Over a million got jobs on Rozgar Bazaar: Delhi govt

    According to a Delhi government official, a break-up of the total jobs, including the list of employers and the number of people they hired, will be shared “in a couple of days”. Notably, the government portal was launched by chief minister Arvind Kejriwal on July 27, 2020, to help entry-level and blue-collar job seekers connect with employers at a time when the Covid-19 induced lockdown left many people unemployed.

  • Delhi environment minister Gopal Rai. (ANI)

    Govt to urge Centre to reduce tax for SUP options: Delhi minister

    “Manufactures, and start-ups which are working on alternatives to single-use plastic have to pay more GST for raw material. Hence, the Delhi government will write to the Centre and request a reduction in GST rates,” Delhi environment minister Gopal Rai said.

  • A view of Humayun's Tomb on a rainy day in New Delhi, India, on Sunday, July 3, 2022. (Photo by Sanchit Khanna/Hindustan Times)

    Delhi weather: Yellow alert issued till Tuesday

    Safdarjung, Delhi’s base weather station, recorded 0.1mm of rainfall between 8:30am and 5:30pm on Sunday. The Capital recorded 1.9mm of rainfall on Saturday and 117.2mm on Friday, making the monthly total 119.2mm so far. The normal monthly average for July is 210.6mm, said weather experts.

  • Monsoon turns Hauz Khas monument into an archipelago of stony islands.

    Delhiwale: Six shades of monsoon

    Monsoon elevates Adam Khan’s tomb into an emergency sanctuary for passersby (and dogs) speared by sudden showers. Perched atop a Mehrauli hillock, the monument overlooks the Qutub Minar, which appears totally bechara and defenceless in the heavy rain.

Story Saved
Saved Articles
My Reads
Sign out
New Delhi 0C
Monday, July 04, 2022