Directors of Growmore Investments Co. booked for deceiving investors of Rs 60 lakh

Chhatrapati Sambhajinagar:

Satara police have registered an offence against five persons from an investment company on charge of duping 15 investors for Rs 59.42 lakh. It so happened that the investors were lured by giving a return of Rs 2,750 per month against an investment of Rs 50,000. Meanwhile, the police believe that the amount of duping by the company would be more.

The police inspector Sangram Tathe confirmed that the directors of MF Growmore Investment Pvt Ltd Rehana Aslam Khan, Asfan Siddiqui, Akram Khan, Aslam Khan and Akram’s assistant Wasid Khan Ayub Khan are booked by the Satara police station on Sunday.

One of the complainants, Ruksana Mohammed Abed (Sadatnagar) stated that she met Dr Asfan during her service period. He informed her about the investment company and told her that he is a partner in it, while his mother and son are directors of the company. He lured Ruksana to invest as the company pays good returns. In November 2023, Ruksana invested Rs 50,000. Against it, the company signed an agreement stating that the investor would be given a return of Rs 2750 every month. She got the returns for a few months. Ruksana again invested Rs 1.5 lakh. Accordingly, an agreement was made that she would be paid Rs 8,300 returns every month. Later on, she again invested Rs 50,000 on January 1, 2024, and Rs 1 lakh on March 13, 2024.

Return till April 2024

Ruksana and other investors continued to get the returns till April 2024 and stopped later on. Hence many of them demanded to return their investments after the end of the term. Hence Dr Asfan gave them evasive replies. Later on, the company’s original owner Akram Khan went absconding. He also switched off his mobile phone. The investors realised that they had been cheated. Hence 15 investors including Ruksana lodged a complaint with the police. The offence of duping has been registered and further investigation is on API Shailesh Deshmukh.