Nashik: Five booked for duping investors of Rs 1.86 crore

NASHIK: Five people, including two women, have been booked by Ambad police for cheating as many as 38 investors to the tune of Rs1.86 crore.
According to police, the investors were lured into the scheme over the promise of hefty returns and branded goods for daily use.
The complainant Mohar Singh Mohabiya (30), a resident of Jail Road, claimed that the suspects claimed to be part of DT Marketing Company and had approached them seeking investment in their scheme.They were promised fabulous returns in less than a year's time.
The accused had open their office at State Bank Chowk, Cidco, and claimed to be into real estate and other businesses. "Other than good returns, we were also promised branded goods like clothes, mobile phones, watches for our investments in the company," the complainant said.
Since the returns were to be paid periodically, the investors waited for the same. But when they did not get the promised amount, they approached the company only to get empty promises.
"The victims invested in the company in March 2018 and were expecting their first return in March 2019. The company missed the payment saying there were some hiccups and things would be resolved soon. Since they failed to honour their commitment, restlessness grew among the investors," a police officer said.
Owing to the delay people started making rounds to the office and at times got into altercation with the staff. "As people started coming together and seeking reply from the company, the suspects stopped responding to the calls and went underground," the officer added.
There was a similar case registered in another police station in Thane city against a company by the same name, same business operations and same claims. "The complaint has now been handed over to the Economic Offences Wing," the officer said.
"Given the volume of the scam and the number of people conned, the investigation has been transferred to the EOW. All investors with their grievances related to the scheme can register their complaints against with the EOW at the police commissionerate," he added.