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Investment firm director, wife held for Rs 400 cr default

Press Trust of India  |  Thane 

The Economic Offences Wing of Thane Police last night arrested an investment firm director, his wife, and two relatives for allegedly duping as many as 4000 investors of Rs 400 crore by defaulting the interest payout since November 2017, an said today.

The officials arrested Shriram Samudra, a in Sagar Investments, his wife Angha, and two relatives, said DCP (EOW)

Police also seized severalbank accounts of the firm and the accused.

A case of cheating was registered against the Samudras in October last for allegedly duping 4,000 investors, hailing from places like Badlapur, Ambernath, Kalyan, Thane and Pune, of Rs 400 crore, said the DCP.

"Sagar Investments, operating since 1988, claims itself to be a It was offering advice on investments, insurance, retirement plans, and was also running many schemes promising doubling the investments. It also claimed to be offering a range of services for high net worth individuals as well as NRIs under one roof," said the


The firm offered 15 per cent interest for many years, but defaulted paying the same since last November, following which the investors lodged a complaint with the Badlapur police, he said.

said they had received as many as 300 complaints from investors so far.

"Most of the investors are senior citizens who have invested their retirement benefits with the firm," said Patil.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 08 2018. 15:55 IST
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