The Mumbai Police's Economic Offences Wing (EOW) has charged Prateek Harsora in yet another financial fraud case. Harsora is the operator of Rudra Investment and Mahakal Investment and is accused of defrauding investors out of large sums of money by promising an ensured 6% monthly return.
After a 36-year-old investor complained that he had given Harsora Rs. 1.81 crore but had never received any returns, the police opened a case against the accused under the Maharashtra Protection of Interest of Depositors (MPID) Act.
The accused has been charged with financial fraud and cheating, but he has not yet been taken into custody.
Also Read: Ex-PCB chief Ramiz Raja believes 'underdog' tag can help Pakistan in high-stakes clash against India
To bolster their case against him, the police are now thinking about citing other Bharatiya Nyaya Sanhita passages.
By posing as a sub-broker of the reputable stockbroking company Nirmal Bang, Harsora is accused of masterminding the plan.
According to media reports, the preliminary investigation showed that after obtaining the investments, Harsora reportedly neglected to reimburse the principal amount as well as the promised interest.
He allegedly missed several loan and credit card payments connected to his investment scheme, according to investigations. Similar accusations have been made by at least 20 additional investors who say they were similarly defrauded.
The anticipated total scam amount is Rs. 12.7 crore. The case was first filed at the Dahisar police station before being moved to the EOW.