The major investment scam took place in Thane's Kalwa were accused cheated seven investors for Rs. 1,53 cr by promising high returns. A 33-year-old medical representative from Thane filed the complaint against the accused. In complaint he stated that the fraud took place between May 2020 and August 2022.
As per the reports by FPJ accused RR Chavan from Kalwa impersonate as a mediclaim insurance agent and claimed to be partner in a SEBI-approved securities firm offering investment schemes with better returns than banks. By believing in him victim invested Rs 23 lakh, but when he demanded returns, Chavan gave evasive replies.
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Later on it was discovered that the firm was bogus and six others had been duped similarly. Thane police have registered a case under Indian Penal sections 406 and 420, and Section 3 of the Maharashtra Protection of Interest of Depositors Act.