Thane Investors Defrauded of ₹1.20 Crore in Financial Scam

Fraudulent Investment Scheme Uncovered in Thane

In Thane, Maharashtra, a case has been registered against the owners of two financial investment firms for allegedly defrauding ten investors of ₹1.20 crore through a deceptive scheme involving stock and foreign exchange trading. This information was disclosed by the police on Monday. An officer from the Naupada police station reported that the accused lured investors between 2022 and 2024 by claiming that their company was actively engaged in trading activities.

The accused presented investment plans lasting about a year, promising returns of five to six percent each month. Additionally, they operated a network of agents to attract new clients. According to the officer, the complainant initially invested ₹18 lakh in the accused's trading schemes.

While the company returned ₹7.2 lakh as interest, it failed to pay back the remaining principal and the promised returns. Further investigation by the Economic Offences Wing (EOW) revealed that at least nine other investors had also been defrauded, totaling ₹1.02 crore. Following a comprehensive preliminary investigation, the police filed a case against the accused on July 24 for fraud, criminal breach of trust, and violations of the Maharashtra Protection of Interests of Depositors (Financial Institutions) Act.

As of now, no arrests have been made, and the investigation is ongoing.