THANE: The Economic Offence Wing of Thane city police registered a case against a deceased Thane resident for allegedly orchestrating an investment fraud scheme that defrauded nine investors of Rs 82.57 lakh between 2019 and December 2024.
The accused, a resident of Panchpakhadi in Thane, allegedly launched various investment schemes with Hindi names promising lucrative returns, police officials said. He died by suicide last Saturday.
According to the police complaint, the accused lured investors with promises of exceptional returns. He initially convinced the primary complainant to invest Rs 17.77 lakh and subsequently expanded his operation to include eight more investors. "He launched various plans with lucrative returns and convinced the investors of the handsome gains within a stipulated period, which he failed to deliver. The plans had catchy Hindi names," said the officer probing the case.
The fraud came to light recently when investors neither received returns on their investments nor recovered their principal amounts. Investigators gathered evidence showing how the accused systematically misled investors for personal financial gain through these deceptive investment operations.
Police officials stated that since the accused is deceased, they will follow the legal course while continuing their investigation. The case was registered based on detailed documentation of the fraudulent schemes that allegedly operated until recently.
A case was registered at the Naupada police station under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999, along with sections related to cheating. The investigation has been transferred to the Economic Offences Wing.
"The total number of investors as well as the amount cheated is likely to rise as the probe progresses. Also, the investors or those who were cheated will be summoned to record their statements along with the documents," the investigating officer said.
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