The Manpada police in Dombivli have booked half a dozen people, including two directors of a company, for allegedly duping over 50 investors of Rs 4 crore after promising them hefty returns. The firm claimed it dealt in commodities in the international market and could ensure a return of 5 per cent to 15 per cent every week. The police suspect the actual number of victims could go up to 300.

As per complainant Pankaj Nagrale, he was introduced to a person named Nitesh Mardhekar in February 2022. Mardhekar told Nagrale that a company named Elation Fiscal Pixie Pvt Ltd gave out attractive returns to investors every week. Mardhekar apparently said that the company, registered in 2018, could ensure returns of up to 30 per cent per week through its commodities business. Lured by the figures, Nagrale met Shibu Nair, director of the company.