Latest News | Maha: Three Held for Cheating Investors of More Than Rs 1 Cr
Get latest articles and stories on Latest News at LatestLY. The police in Maharashtra's Thane city have arrested three directors of an investment firm for allegedly cheating investors of more than Rs 1 crore, an official said on Tuesday.
Thane, Aug 30 (PTI) The police in Maharashtra's Thane city have arrested three directors of an investment firm for allegedly cheating investors of more than Rs 1 crore, an official said on Tuesday.
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The economic offences Wing (EOW) of the crime branch arrested the accused in a case registered against them in Kalyan city under section 420 (cheating) and other relevant provisions of the IPC and Maharashtra Protection of Interest of Depositors (MPID) Act, assistant commissioner of police (EOW) Arvind Wadhankar said.
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The accused operated an investment firm in the name and style of Flip Dream India LLP and Flip Dream India Aqua LLP and lured people with various schemes promising lucrative returns, he said.
They had allegedly cheated 14 investors of Rs 1.07 crore over a period of four years, the official said.
The police have arrested three out of four directors of the company, he said, adding that further probe is underway.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)