Navi Mumbai: Three, Including Two Import-Export Company Directors, Arrested in Alleged Rs 26 Crore Investment Fraud

Three people, including two directors and a management member of an import-export company, were arrested by the APMC Police for allegedly cheating around 300 investors of Rs 26 crore.

The company allegedly lured investors with a promise of a 5% return along with the principal amount on an 11-month investment. However, after collecting money, they did not provide any returns or return the principal amount.

The arrested individuals were identified as Nitin Parte, 34, Sachin Bhise, 39, and Deepak Surve, 33. Police are searching for another suspect involved in the scheme.

Mahendra Dere, a 57-year-old insurance agent from Dombivali, invested Rs 16.6 lakh for 11 months after visiting the Jui Nagar Satra Plaza office of Rudra Traders. He was told the company dealt in essential commodities and offered a 5% return on fixed deposits for 11 months. Dere received post-dated cheques and fixed deposit papers from Laxmi Prakash Co-operative Society.

After 11 months, Dere did not receive his money back. The post-dated cheque bounced, and he received no satisfactory response when he visited Rudra Traders' office. Dere then learned the company had allegedly cheated more than 300 people of Rs 26 crore.

Dere filed a complaint with the APMC police. The police registered a case under relevant sections of the Indian Penal Code (IPC), the Prize Chits and Money Circulation Schemes (Banning) Act, 1978, the Banning of Unregulated Deposit Schemes Act, 2019, and the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999.

The police investigation revealed the alleged scheme had been operating since March 2022.