MBVV cops freeze Rs 9.5 cr of firm accused of cheating investors with jewellery schemes

Thane, Jan 9 (PTI) An amount of Rs 9.5 crore belonging to a firm accused of cheating its investors has been frozen as part of the probe, a senior police official said in Maharashtra's Thane district on Thursday.

The firm, which has shops in Thane and Mumbai, had lured people to invest in jewellery schemes after promising high returns, but has since reneged on the promise, with several outlets remaining closed since Monday when the irregularities came to light.

"An offence was registered in Navghar police station in connection with 76 investors being cheated by this firm to the tune of Rs 1.70 crore. Two accounts of the firm, having Rs 1.77 crore and Rs 7.74 crore, have been frozen," Mira Bhayander Vasai Virar (MBVV) Deputy Commissioner of Police Prakash Gaikwad told reporters.

The firm and some of its staffers have been charged under Bharatiya Nyaya Sanhita sections 318(4) (cheating), 316(2) (criminal breach of trust), 61(2) (criminal conspiracy) and provisions of Maharashtra Protection of Interest of Depositors (MPID) Act, the official said. PTI COR BNM