Navi Mumbai man duped of Rs 24 lakh in investment fraud

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A 47-year-old Navi Mumbai man has allegedly been cheated of Rs 24.05 lakh in a investment fraud, police said on Wednesday, reported news agency PTI.

The Navi Mumbai man has allegedly been cheated of Rs 24.05 lakh after being promised high returns in a scheme of purchase of kola nuts, police said on Wednesday, reported PTI.

The kola nut is rich in caffeine and acts as a central nervous system stimulant.

The victim, hailing from Kharghar area, told the police that he was contacted by some persons, who presented a fake business deed purportedly from a UK-based pharmaceutical company, reported PTI.

The fraudsters lured the victim to invest in a scheme of purchase of kola nuts and promised him lucrative returns, an official from the Navi Mumbai cyber police station said, reported PTI.

The victim made payments of Rs 24,05,000 to the accused over the last four-five months.

However, when the Navi Mumbai man did not received the returns as promised and got evasive replies from those who lured him, he filed a complaint with the cyber police, reported PTI.

Based on the complaint, the police on Tuesday registered a case against seven persons under Indian Penal Code sections 419 (cheating by personation), 420 (cheating), 468 (forgery for purpose of cheating) and 34 (common intention) and were carrying out an investigation into the investment fraud, the official said, reported PTI.

In another case, an offence has been registered against a jewellery shop owner for allegedly cheating a jeweller of gold worth Rs 1.9 crore in Navi Mumbai, police said on Tuesday, reported PTI.

Based on a complaint, the police on Monday registered a case under sections 420 (cheating) and 406 (criminal breach of trust) of the Indian Penal Code against Ranjitsingh Bhavarsingh Sisodia, who owns a jewellery shop in Zaveri Bazaar in Mumbai, an official said, reported PTI.

The complainant, a jeweller from Kamote, has alleged that he had given Sisodia 3.8 kg of gold worth Rs 1.9 crore for making jewellery in October last year. The accused later claimed that the Directorate of Revenue Intelligence (DRI) had raided his shop, he said, reported PTI.

The complainant conducted inquiries and found out that no such raid had taken place, the official said, reported PTI.

When the complainant asked Sisodia to return his gold, the latter gave him evasive replies, following which he decided to approach the police, he said, adding that no arrest had been made in the case so far, reported PTI.

(With inputs from PTI)