Police have arrested a Sion-based chartered accountant and his brother-in-law for swindling three investors to the tune of Rs50 lakh.
Chembur police have arrested a Sion-based chartered accountant and his brother-in-law for swindling three investors to the tune of Rs50 lakh. The duo had promised them that they would invest their money in the stock market and get them handsome returns.
Police said Jignesh Bharat Shah, 34, a stock broker, had taken the money from the investors in May last. But instead of returning it, he diverted it into the Oriental Bank account of his brother-in-law Apoorva Harish Shah, 28.
The duo has been charged under sections 34 (common intention), 406 (criminal breach of trust), 419 (cheating by personation), 420 (cheating and dishonesty) of the IPC and would be remanded in police custody till December 16.
Chembur-based Dr Suresh Oberoi, who lost Rs 11 lakh, said in his complaint that he met Jignesh through his neighbours. “They (neighbours) told me that Jignesh was an expert in share market and he could double my money. Jignesh gained my trust in due course. Later, I also introduced him to others,” he stated.
Oberoi said when he approached Jignesh for the returns, the latter gave cheques that bounced. It was then, he went to the police. The same was the case with the other two investors, whose cheques too bounced. This case is registered with the Andheri police.
When the police went to question Jignesh, his mother-in-law said that both had been missing from November 2006. According to her, Jignesh left behind a letter stating that he was leaving the city, being unable to return the investors’ money.
Assistant Police Inspector Ravindra Sangle of the Chembur police station, told DNA, “The letter led us to Rajkot where Jignesh had holed up with his parents. Both were brought to Mumbai on December 12 and a case was registered against them,” Sangle said.
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