A massive fraud case has come to light where 20 investors were allegedly cheated of ₹12.70 crore under the pretext of earning 5-6% higher returns on investments. Dahisar police have registered a case against three individuals, and further investigation has been handed over to the Economic Offences Wing.
According to the police, the complainant, a senior employee at a private company residing in Kandivali, was approached by a friend last year, asking him to invest ₹5 lakh. However, due to financial constraints, the complainant declined. The friend then claimed that his investments were made using credit cards, and the returns were sufficient to cover the EMI payments. He assured that the scheme offered a 6% profit on investments. Despite initial reluctance, the complainant was later taken to an office in Borivali, where he met another individual who claimed to have been involved in share trading since 2016 and promised a 6% return on investment.
In May last year, one of the accused contacted the complainant again, offering to arrange ₹5 lakh through a credit card transaction. A known associate was said to be responsible for processing the credit card payment and ensuring the returns. Trusting this assurance, the complainant agreed to invest. Soon after, he received a message confirming the credit card transaction, and the very next day, ₹1 lakh was withdrawn from his account. When he inquired about the withdrawal, he was told that more funds would be credited through another card.
Subsequently, one of the accused withdrew ₹5 lakh using another credit card and sent an invoice to the complainant. In June, he received a call asking about his credit card limit and was told that an investment of ₹20 lakh would be returned shortly. Upon questioning, the accused convinced the complainant that old share certificates were being purchased to generate profits. Believing this, the complainant proceeded with further investments.
As his credit card limit was exhausted, he was advised to take a loan against his salary account. In August, one of the accused demanded ₹60 lakh for further investment, prompting the complainant to apply for a bank loan. The fraudster would transfer money to the complainant’s account and then withdraw it immediately.
By August, the complainant stopped making further payments. When he contacted one of the accused for clarification, he was given vague responses. Realizing he had been duped, he lodged a complaint at the Dahisar police station. Upon reaching the police station, he discovered that several others had fallen victim to the same fraud.
A case has been registered under relevant sections, and investigations are underway.