Rs20 lakh fraud: Case lodged against man

In another money-multiplying scam, a man claimed to have lost Rs20.35 lakh he had invested in a scheme on the promise that he would be getting returns up to 15%. However, after four months of investment, the man realised that he had been duped by the fraudster. A case in this connection was lodged at Ellisbridge police station on Tuesday.

Imtiyaz Shaikh, a resident of Rehmati Society in Behrampur area, lodged an FIR with Ellisbridge police. He alleged that one Gulam Ali Saiyed, a resident of Menal Society in Juhapura, duped him of Rs20.35 lakh through a scheme in which he was promised returns of 15%.

Shaikh stated in the FIR that Saiyed persuaded him for a couple of months to invest   money in his company, Trayo Investment. Saiyed reportedly produced various documents before Shaikh to impress upon him the credibility of the company. The complainant said that he had invested in Saiyed's company between January and April this year.

However, according to Shaikh, he didn't receive any money from Saiyed as interest after that. He alleged that the accused was now refusing to pay even the principal money.