Couple dupes cop, wife of 35L in investment scam

Mumbai: The Colaba police have arrested a couple who allegedly duped a police constable and his wife of Rs 35 lakh by luring them to invest in online shopping and gambling-related business ventures.The Colaba police took custody of Pankaj Masand, 45, and his wife, Namrata Chandramani, 42, from their Dadar counterparts, where they were arrested in a similar cheating case.Police constable Atul Arun Bagwe came in contact with the accused Pankaj Masand in Feb 2023 through a colleague when he projected himself as a successful businessman involved in casinos in Goa and an authorised gambling company, claiming to earn substantial profits through investments. Bagwe stated that Masand and his wife, Namrata, later introduced him to an alleged online shopping venture named Jiyaram Enterprises, operating from Prabhadevi, and persuaded him and Jagdale to invest in the business with a promise of high returns.Bagwe took a loan of around Rs 13 lakh and transferred the money to bank accounts specified by Masand and other unidentified persons. Bagwe claimed that his wife was made a partner in the company alongside Namrata. Bagwe alleged that the accused repeatedly avoided disclosing details about the company's operations or bank accounts. The complainant alleged that Masand later informed him that part of the invested money was diverted to a gambling company named ‘Jeetwin' for generating higher returns. In another allegation, Bagwe stated that Masand persuaded him to pawn 11 tolas of gold belonging to him and his wife, purportedly to finance a business trip to Sri Lanka.Bagwe claimed that over the last two years, repeated demands for repayment or clarification about the investments yielded only vague responses from the accused. He alleged that he later learnt that the Masands had allegedly sold their Colaba flat to multiple persons and that a separate case had already beenregistered against them at Colaba police station.