Twenty-five people duped of Rs 2.18 cr in fraudulent scheme

ST CORRESPONDENT
Wednesday, 10 April 2019

“After receiving a complaint, we conducted searches at his offices at Kasba Peth and on Fergusson College (FC) Road but found nothing. The matter is under investigation,” said PSI SM Chavan.

PUNE: In all, 25 people were cheated of Rs 2.18 crore in a fraudulent investment scheme. A 37-year-old investor has lodged a complaint at the Shivaji Nagar police station. According to the police, the accused persuaded the 25 people to invest in Vestirica Association and Mangalmay Investment. The company promised to give them a 7 per cent interest on the investment. The investors began investing from July 2017 until this month. All of them had invested Rs 2,18,16,00 but they did not get any money in return.

The accused told the investors that money will be deposited through online transaction. He asked them to pay through a bond of Rs 500 for 12 months. The investors, most of whom are either businesspersons or private company employees, pursued the matter with the proprietor but after a while, the company stopped responding. 

“The accused said that the money would be invested in the share market, which would accrue 7 per cent interest. “After receiving a complaint, we conducted searches at his offices at Kasba Peth and on Fergusson College (FC) Road but found nothing. The matter is under investigation,” said PSI SM Chavan. “We have identified the proprietor of the company and have launched a search for him. The total investments of the 25 persons is Rs 2.18 crore.”

Related News