A case has been registered against two people in Thane city of Maharashtra for cheating of Rs 6.25 crore by promising attractive returns on investment. The accused have been identified as Manish Malkan and Arpit Shah. Based on the complaint of the victims, a case has been registered against them under provisions including Section 420 (fraud), 406 (breach of trust) of the IPC for fraud committed between October 2020 and May 2023.
A police officer said that both the accused lured people to invest in their company Money Maker Malkan. They claimed that this company was licensed by the Ministry of Micro, Small and Medium Enterprises (MSME). The accused assured high returns. They promised 6 to 8 percent profit on investment. After this, they convinced people to invest large amounts.
People invested in his company on a large scale. During this time, he kept making payments to some people so that people’s trust in him remained intact. But after February 2023, those people stopped making payments. People started demanding their principal amount back, but instead of returning the money, the accused cut off contact with the investors. In this way, about 24 investors lost Rs 6.25 crore. The police is investigating this.
Builder duped of Rs 12 crore, case filed against couple
Similarly, in another case, a case has been registered against a couple on charges of fraud in Thane district. The couple is accused of defrauding the builder of Rs 12 crore in a dispute over the redevelopment of a housing society. The accused have been identified as Shrikant Pai and his lawyer wife Divya Pai. A case has been registered against them under sections 420 and 406 of the IPC.
The complainant has alleged that the couple duped him of Rs 12 crore between January 2018 and May 2024. The accused had taken money from the complainant by promising to get approval from flat owners for redevelopment of the housing society, get no objection certificate and withdraw cases filed against other tenants. Not only this, both of them sold flats using fake documents, which caused a lot of delay in the project.
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