EOW probes Thane firm over allegation of multi-crore fraud

Thane, Nov 19 (PTI) The Economic Offences Wing (EOW) of the Thane police has launched an investigation after a businessman accused a company and its partners of indulging in large-scale investment fraud, officials said on Wednesday.

In his complaint to the Naupada police station, the man said he invested Rs 8 lakh in 2016 through the firm, which had promised him a monthly interest of 1.8 per cent. However, the payment allegedly stopped after two years.

When questioned, the accused allegedly cited “poor financial condition” as the reason for failing to pay dues, the Thane police said in a release.

“The complainant learned that the accused persons had defrauded approximately 200 other investors of more than Rs 100 crore through their company,” it said.

A case was registered on November 14 under the Bharatiya Nyaya Sanhita and Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act against the company, its two identified partners and others.

One of the persons named in the FIR had been booked earlier in 2019 and 2023, police said. The EOW carried out searches at his house in the Naupada area and the company’s office at Vishnunagar on November 15 and seized documents, hard disks, and other materials, it said.

The agency has also appealed to citizens to come forward if they have been cheated by the company. PTI COR NR