Thane: Owners of finance firm get five years RI for cheating investors

Photo for representational purpose

A court in Thane district of Maharashtra has sentenced two men to five years of rigorous imprisonment for cheating investors of lakhs.

District judge P P Jadhav in his order on Tuesday found the accused Umesh Ramesh Jadhav and Rajesh Rambali Singh guilty under relevant provisions of the IPC and the Maharashtra Protection of Interest of Depositers (In Financial Establishments) (MPID) Act.

Additional public prosecutor Vivek Kadu who appeared for the prosecution told the court that the accused had set up Saffair Company in 2011-12 and lured investors with the promise of lucrative returns.

The duo accepted deposits and later failed to pay interests or return the investments, he told the court.

In one of the cases, the accused had cheated a man of over Rs 77 lakh, the court was informed.

The judge sentenced the accused to five years of rigorous imprisonment and also fined Jadhav a sum of Rs 1 lakh and imposed a fine of Rs 50 lakh on Singh.

Two others who were also tried in the case were given the benefit of doubt and acquitted.

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