Mumbai: 3 held for duping investors, mastermind on the run

A 50 year-old man, his mother and daughter were arrested for allegedly cheating hundreds of people with a ponzi investment scheme, police in the city's Bhandup area said on Tuesday.

An official said 17 people have so far come forward with complaints that Haroon Rashik Sheikh, his mother Haleema Abdul Sattar and daughter Neelofer Haroon Sheikh swindled Rs 6 crore by promising a doubling of investment in 8-10 months.

"He was operating from Vasudeo Heights building in Bhandup. The mastermind of the scam is Sheikh's partner Mukesh Dattatray More who is on the run. Those who fell victims to the fraudulent scheme are from Solapur, Kurla, Mumbra and other parts of the state," he said.

A resident of Mahim, identified as Gulshan Sayyed, filed a police complaint after which Sheikh was held, he added.

"In her complaint, Sayyed has said Sheikh used to give interest on the investment on time in the beginning but then stopped doing so," the official said.

Sheikh and the two women have been charged under section 420 (cheating), 465 (forgery) among others of the Indian Penal Code and have been remanded in police custody till September 23, the official informed.