Mumbai Crime: Minor, mother dupe investors of Rs 29 lakh, booked

The 17-year-old boy bought two iPhones and an expensive motorcycle with fraudulent money, the cops said. Representation pic

The MIDC police have arrested a 36-year-old woman and booked her minor son for allegedly duping investors of Rs 29 lakh on the pretext of lucrative returns. According to police sources, the minor, in this case, is the mastermind.

The 17-year-old boy approached the investors claiming that he had secured a contract to supply essential items at different COVID centres in the city. He promised them a reasonable profit if they invested in his business.

The complainant, an Andheri resident, met the minor last year. He claimed to have received a contract for supplying PPE kits, sanitisers, masks and hand gloves at different COVID centres in the city. He promised the complainant 50 per cent profit if he invested.

The complainant gave him Rs 17.5 lakh, however, he received no returns within the given time frame, said an officer from the MIDC police station.

The minor duped four other investors of Rs 12 lakh citing the same investment scheme.

The MIDC police have registered the case under various sections of the Indian Penal Code and sub-inspector Swapnil Ghat has started the investigation. "Probe revealed that the fraudulent money was deposited in the mother's account," said senior inspector Satish Gaikwad from MIDC police station.

The boy bought two iPhones and an expensive motorcycle with fraudulent money, the officer said.

"The minor revealed that during the lockdown he saw that the sale of masks, sanitisers and other essential materials were high and if invested, more profit can be earned. Since he did not have the money to invest, he lured people by promising them high returns," said Ghat.

The boy's mother was arrested and has been remanded for two days in police custody. The minor, who is 17-year-old, will be sent to juvenile custody later, he added.