Two booked for duping investors of Rs 93 lakh

The city police have registered an offence against two persons for allegedly duping around 35 investors to the tune of Rs 93 lakh on the pretext of offering good returns on their investments, an official said on Wednesday.

The duo- Mumtaz Alam Shaikh and Mohammad Ayub Hussain- operated through their investment firm, Ridaz India Properties, which has its office at Kapurbawdi in the city, police said.

While Hussain is the owner of the firm, Shaikh worked as its manager, the official said.

"From 2015, the duo had been luring people into investing in their various schemes related to lands, constructions, villas, farms and horticulture on the promise of giving handsome returns to them," the official said.

"Around 35 people had invested their money into their schemes. However, the duo neither gave them any interest, nor returned their capital," he added.

Following a complaint, the police on Tuesday booked the duo under IPC sections 420 (cheating), 406 (criminal breach of trust), 34 (common intention) and others, as well as under the Maharashtra Protection of Interest of Depositors (MPID) Act, police said.

However, no arrest has been made so far and investigation into the case is on.