Thane: Three held for cheating investors of more than Rs 1 cr

EOW of the crime branch arrested the accused in a case registered against them in Kalyan city under section 420 (cheating) and other relevant provisions of the IPC and MPID Act

The police in Maharashtra's Thane city have arrested three directors of an investment firm for allegedly cheating investors of more than Rs 1 crore, an official said on Tuesday.

The economic offences Wing (EOW) of the crime branch arrested the accused in a case registered against them in Kalyan city under section 420 (cheating) and other relevant provisions of the IPC and Maharashtra Protection of Interest of Depositors (MPID) Act, assistant commissioner of police (EOW) Arvind Wadhankar said.

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The accused operated an investment firm in the name and style of Flip Dream India LLP and Flip Dream India Aqua LLP and lured people with various schemes promising lucrative returns, he said.

They had allegedly cheated 14 investors of Rs 1.07 crore over a period of four years, the official said.

The police have arrested three out of four directors of the company, he said, adding that further probe is underway.

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