Man held for duping investors of Rs 59.42 lakh; remanded to police custody

Chhatrapati Sambhajinagar

A man was arrested for allegedly cheating at least 15 investors of Rs 59.42 lakh by promising high monthly returns through a bogus company named M.F. Growmore Investment Pvt. Ltd.

The accused, Asfahan Siddiqui (52, Jalan nagar) near the railway station, was taken into custody by Satara police and produced in court, which remanded him to police custody till July 23. As per the complaint filed by Rukhsana Mohammad Abed, she had invested Rs 3.5 lakh in the company. Although she initially received returns, the payments later stopped. When she demanded her money back, the accused and his associates allegedly issued threats. Investigations revealed that the accused had deceived 15 people with similar false claims, collectively embezzling Rs 59.42 lakh. Police further discovered that Siddiqui and his accomplices had floated a fake company and misappropriated around Rs 1.07 crore in total. Authorities suspect over 100 investors may have been defrauded in this scheme and are expanding the investigation.