The main accused, Suryakant Tripati, got in touch with the victim and claimed had good influence in the insurance regulatory body and that he could get him good returns through investments in various schemes, Thane police spokesperson Sukhada Narkar said.
Getting lured by the offer, the victim invested around Rs 55.27 lakh in several schemes through various financial advisers (agents) introduced to him by the accused between March 2015 and December 2017, she said.
However, when the man did not get any return as promised, he realised that he was cheated and approached the Thane police on Sunday, she said.
Based on his complaint, the police registered offences against Tripathi and 11 financial advisers under IPC sections 420 (cheating), 406 (criminal breach of trust), 120B (criminal conspiracy), and other sections pertaining to forgery, Narkar said.
No arrest has been made so far, she said, adding that a probe was underway.
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