4 booked for duping 60 investors of ₹3 crore | Mumbai news

MUMBAI: The Meghwadi police in Jogeshwari have registered a case against four individuals, including a woman, for allegedly cheating at least 60 people of ₹3 crore by promising them good returns on investments in the share market.

Police said they are searching for the four accused, identified as Kiran Chavan, Kishore Chavan, Jitesh Malvankar and Mayuri Bhogle. So far, 20 complainants have come forward in the case.

According to complainant Vishal Amritlal Kumawat, 27, a resident of Jogeshwari, he was introduced by a friend to Chavan and Malvankar, with the assurance that they can guide him on investments in the stock market as they had SEBI registration. And through them, he met the other two accused. Believing their assurances, the complainant said he and several of his friends and relatives invested through them and started getting good returns in the beginning.

“The accused told them that their money would be invested in various schemes and lured them with the promise of a 12 percent return on their investment,” said a police officer from Meghwadi Police Station.

However, the returns on their investments soon stopped. “By this time, the accused had switched off their phones and absconded,” said the police officer. “Our investigation revealed that the SEBI certificate the accused had shown to the investors was fake.”

An FIR was filed at the Meghwadi police station against the four under relevant sections of the Bharatiya Nyaya Sanhita, for criminal conspiracy, forging documents, misappropriating funds, and committing fraud.