Firm dupes investors of Rs 4.45 cr on promise of good returns

The city police have registered offences against the chairman and other officials of a company for allegedly duping investors to the tune of around Rs 4.45 crore by promising them good returns.
As per a police complaint filed yesterday by a resident of Bhiwandi township here, the private company allegedly offered attractive rates of interest on deposits for five and seven years since 2008, an official at the Naupada police station in Thane city said.
The depositors were assured that their money would get doubled in that period, he said.
However, the depositors did not even get their principal amount. The company later closed down its office in Naupada and its officials fled, he said quoting the complaint.

The exact number of investors duped so far was yet to be ascertained, but the company is alleged to have cheated them to the tune of Rs 4.45 crore, the police official said.
The company's chairman and other officials (not yet specified by the police) were booked under IPC sections 420 (cheating) and 409 (criminal breach of trust by public servant, or by banker, merchant or agent) and relevant provisions of the Maharashtra Protection of Interests of Depositors (in Financial Establishments) Act, he said.
The economic offences wing of Thane police was investigating the case, the official added.