Financial firm director in Thane held for duping over 100 investors of Rs 18 crore

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Thane police have arrested a financial company's director for allegedly duping over 100 investors to the tune of Rs 18 crore by luring them with lucrative returns on investments, an official said on Thursday.

A man, Sunil Sarode, and his wife Manisha Sunil Sarode floated a company with the promise of high returns to investors. But, after people invested in the firm, they neither got the promised returns nor their invested amount, inspector Siddharth Gade of the police's economic offences wing said.

Later, some people approached the Kolsewadi police, who registered a case against the couple under relevant provisions of the Indian Penal Code and the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, he said.

During the probe conducted so far, it has been found that the accused allegedly duped 105 investors to the tune of Rs 18 crore, the official said.

Based on a tip-off, the police arrested the accused woman, who was the firm's director, from Aurangabad on Monday, while search for her husband was on, he said.

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