Navi Mumbai: Police register case against 20 persons for cheating investors of Rs 5.5 crore

Twenty persons, including a chit fund operator and his agents, were charged by Navi Mumbai police in Maharashtra with allegedly defrauding investors of about Rs 5.5 crore.

Main accused Satish Gawand got in touch with the victims through his agents who promised to double their investment in 40 days, an official said. The accused cheated eight investors of Rs 5.47 crore between October 2022 and February 2023, the police said.

The station house officer of CBD Belapur police station said a case has been registered under the Indian Penal Code, Prize Chits and Money Circulation Schemes (Banning) Act and Banning of Unregulated Deposit Schemes Act against 20 accused persons.