In the case, the crime branch officers on Sunday arrested one more person identified as Manojkumar Mohan Sarvade, a resident of Dahanu.
Probe into the multi-crore money doubling racket unearthed by the crime branch revealed that over 8,000 people from across the country had invested their money in Jupiter International Trading Company, situated at the God Gift building at Lower Parel. The estimated fraud is close to Rs15crore.
In the case, the crime branch officers on Sunday arrested one more person identified as Manojkumar Mohan Sarvade, a resident of Dahanu. Sarvade was produced before a local court on Monday, which remanded him in police custody till November 10. The police had earlier arrested Worli resident Mohan Yashwant Kadam and Divyesh Tulaskar, 48, resident of Vasai on October 19 in the case.
According to the police, Sarvade had contacted a Kandivli-based IT company and prepared a website for Jupiter. “A website in the name of
www.jitc.in was made and Sarvade claimed to be the proprietor of the said company. Initially, it was learnt that about 2,000 investors had been duped by the said company, but when we checked the data of the said website, it was revealed that between September 3 till October 31 this year, nearly 8,640 people from all over India had invested money and the total fraud is close to Rs15crore,” said a crime branch official, requesting anonymity.
Complainant Jayram Shelke, a Byculla resident, was told by his friends that there is an office in Lower Parel, where money is doubled in a month’s time. On October 9, Shelke went to the office of Jupiter and invested Rs1lakh after the office-bearers explained him the scheme. About five days later, Shelke learnt that the said office had been shut down and then lodged a complaint with the Unit III of the crime branch.
The police then arrested Kadam and Tulaskar and was looking out for Sarvade, who was absconding. The police had also seized Rs48.5lakh in cash, three laptops, four mobile phones, an Opel Astra car, a Wagon R car, few passports and bank books from the place.
“Their basic modus-operandi is to open a bogus company, dupe investors and shut the company in a month’s time and open another company,” said joint commissioner of police, crime, Rakesh Maria.
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