New Delhi -°C
Today in New Delhi, India

Oct 16, 2019-Wednesday
-°C

Humidity
-

Wind
-

Select city

Metro cities - Delhi, Mumbai, Chennai, Kolkata

Other cities - Noida, Gurgaon, Bengaluru, Hyderabad, Bhopal , Chandigarh , Dehradun, Indore, Jaipur, Lucknow, Patna, Ranchi

Wednesday, Oct 16, 2019

Pune firm owners, who promised 22 % returns, booked for cheating 418 people

The firm owners have allegedly cheated at least 418 people on the pretext of offering 18-22 per cent returns on share market investment, said police

pune Updated: Sep 23, 2019 18:34 IST
HT Correspondent
HT Correspondent
Hindustan Times, Pune
The Pune police on Saturday booked two owners of a company for an alleged fraud
The Pune police on Saturday booked two owners of a company for an alleged fraud(PICTURE FOR REPRESENTATIONAL PURPOSES ONLY)
         

The Pune police on Saturday booked two owners of a company for an alleged fraud.

The firm owners have allegedly cheated at least 418 people on the pretext of offering 18-22 per cent returns on share market investment, said police.

A 51-year-old woman in her complaint to the police said that she had invested Rs 10,00,000 in the scheme which promised 18-22 per cent returns. This investment was made in 2019. “Despite investing a huge amount, I did not receive any returns. When I asked the company for the money they did not return it. I got to know about this investment option from a family member, who know the owners,” said the complainant.

According to Bharat Jadhav, senior police inspector, Khadak police station, 18 people were duped of Rs 7,06,34,332 with a fake promise of 18-22 per cent return through investment in the share market. The police have also received complaints from 400 people, in addition to the 18, against the investment company. However, the amount of money they lost is yet to be calculated.

Jadhav said, “Both the owners are residents of Pune and have not been arrested. We have received 418 complaints, all of them are related to share market investment. Investors who invested money in the scheme in 2016 have also approached the police. The case will soon be handed over to the Economic Offence Wing (EOW).”

A case under Sections 420 (punishment for cheating), 467 (forgery of valuable security), 468 (forgery for purpose of cheating), 34 (common intention) of the Indian Penal Code along with Section 3 of Maharashtra Protection of Interest of Depositors (MPID) Act, 1999 has been registered at Khadak police station.

First Published: Sep 22, 2019 21:24 IST

top news