Powerloom owner, 8 others cheated in Bhiwandi with share investment promise

Thane, Aug 24 (PTI) A powerloom owner and several others in Bhiwandi in Thane district were duped of several lakh rupees allegedly by a Tamil Nadu-based person who promised them high returns on strategic investments in the share market, a police official said on Saturday.

As per the complaint, accused Anji Gorappa (38) of Royakottai in Tamil Nadu's Krishnagiri district convinced the powerloom businessman and eight of his associates to invest in shares between November last year and March 2024, the official said.

"He promised to double their money. The group transferred Rs 57 lakh to Gorappa. He returned Rs 30 lakh to them but stopped all communication when they started asking him for return of original investment. An IPC case of cheating has been registered and efforts are on to nab Gorappa," the Bhiwandi City police station official said. PTI COR BNM