10,000 investors duped of Rs2.2 crores in investment scheme

Samta Nagar police are on the lookout for four persons who had started bogus investment companies and allegedly duped around 10,000 investors to the tune of Rs 2.22 crores. The group allegedly promised double returns on investments in five months. The case could be transferred to the Economic Offences Wing (EOW) for further investigation.

The accused have been identified as Diplesh Singh alias Deepak, Raju Kanojia, Sadanand Patkar and Shrikant Gurav.

According to the police sources, Singh and his associates had opened two companies in Kandivli. "In order to attract customers, the companies had launched lucrative investment schemes. In one of the schemes, the investors were promised double profits within five months of investment. Falling prey to this scheme, thousands of people invested their money," said an officer from Kandivli police station.

He added that complainant Shreyas Diwadkar, a resident of Lokhandwala, had invested in the scheme few months ago. "Initially, several investors including Diwadkar had received the promised double returns, prompting them to reinvest in the scheme. From December 2011 till June 2014, around 10,000 persons had invested over Rs 2.20 crore in the scheme, but recently the company stopped paying returns. Later, it came to light that the company officials shut down their operations and fled," said the officer.

Then Diwadkar along with other investors then lodged a police complaint in this regard on June 16. "We have registered a case of cheating and criminal breach of trust against accused persons. Since the money involved in this case is in crores, we would be transferring this case to EOW for further probe," the officer explained.