Man dupes investors of Rs 11 lakh

A share broker from Mumbai allegedly duped investors from Bhiwandi in the district to the tune of Rs 11 lakh, police said today.
The accused, identified as Keshav G Nalavade, 50, a resident of Mulund had informed about the scheme to the complainant Shubangi Bhoga and stated that the investors would get at least 15 per cent returns on their investment, Police Sub Inspector J T Thakur of the Nizampura station told PTI.
In November 2013, Bhoga approached five people, who invested Rs 11 lakh, in the scheme, which was handed over to Nalavade. However, later when she approached the accused, he gave evasive replies, due to which she grew suspicious. Later on he even switched off his phone and remained untraceable, police said.

The absconding accused has been booked under section 406 (criminal breach of trust) and 420 (cheating) of the IPC, police said adding that they were also trying to find out if he had cheated any more persons in the past.