Mumbai: A large-scale investment scam has surfaced in Mumbai, where 20 investors were allegedly defrauded of Rs 12.70 crore with promises of 5-6 per cent higher returns on their investments. The Dahisar police have registered a case against three individuals and the investigation has been transferred to the Economic Offences Wing (EOW).
The complaint was initially filed by a senior employee of a private company residing in Kandivali. The complainant was approached last year by a friend who suggested investing Rs 5 lakh. Due to financial limitations, the complainant declined. However, according to a Lokmat Times report, the friend claimed he had invested through credit cards and earned enough returns to cover his EMIs, highlighting the scheme’s 6 per cent profit potential.
Higher Returns Promised On Investment Through Credit Card Transaction
Despite initial hesitation, the complainant was taken to an office in Borivali, where he met another individual who claimed to be an experienced share trader since 2016 and promised similar returns. In May last year, one of the accused contacted the complainant again, offering to facilitate a Rs 5 lakh investment through a credit card transaction, assuring profits through a trusted associate managing the transaction.
Trusting the arrangement, the complainant proceeded with the investment. He soon received a confirmation message of the credit card transaction, but Rs 1 lakh was withdrawn from his account the next day. When questioned, he was told that additional funds would be credited through another card. Later, Rs 5 lakh was withdrawn using a different credit card and an invoice was sent to the complainant.
Victim Lured With Claims Of Using Old Share Certificates For Profits
In June, the complainant was persuaded to reveal his credit card limit and was assured a quick return on a Rs 20 lakh investment. The accused claimed they were buying old share certificates to generate profits, leading the complainant to invest more.
As his credit card limit maxed out, the complainant was advised to take a loan against his salary account. By August, the accused demanded Rs 60 lakh, prompting the complainant to apply for a bank loan. However, the funds transferred to his account were swiftly withdrawn by the fraudsters.
When payments ceased in August, the complainant sought answers but received vague responses. Realising the fraud, he approached the Dahisar police station, where he found several others had also been victimised. Local police have registered a case under relevant sections and the EOW is now investigating the matter.
