Financial firm director booked for cheating investors of Rs 73.50 lakh in Thane district

Thane, Aug 5 (PTI) Police have registered an FIR against director of an investment company for allegedly cheating depositors to the tune of Rs 73.50 lakh in Thane district under the pretext of providing them high returns, an official said on Monday.

The official from the Dombivili police station said based on a complaint filed by one of the duped investors, police on Saturday registered the FIR against investment firm director Ranjit Bais under IPC sections 420 (cheating), 406 (criminal breach of trust) and relevant provisions of the Maharashtra Protection of Interest of Depositors (MPID).

As the cheating episode took place before July 1, the Indian Penal Code (IPC), now replaced with the Bharatiya Nyaya Sanhita (BNS), was invoked against the accused.

In March 2020, the accused persuaded five investors to put money in his company's schemes and promised them high returns. He, however, failed to pay them promised returns and also to refund their principal amounts, said the official, citing the complaint.

When the investors sought refund of their money, Bais gave evasive replies, leading one of the victims to approach the police and lodge the complaint, he said.

In all, the victims have been cheated of Rs 73,50,000, police said, adding a probe was underway. PTI COR RSY