Retd cop, doctor from Thane duped of Rs 1.44 crore in investment fraud

Thane, Nov 23 (PTI) A retired police officer and his doctor friend from Thane have allegedly been cheated of Rs 1.44 crore after being lured with high returns in a fraudulent investment scheme, officials said on Sunday.

The police have registered a case against two persons -- residents of Pune in Maharashtra and Goa -- in connection with the fraud which took place over the two years, they said.

The accused convinced the 67-year-old former police officer, a resident of Kalyan in Maharashtra's Thane district, and his friend, who is a doctor, to invest large sums in companies engaged in share trading, promising unusually high returns.

"The accused initially paid small returns to gain the victims' confidence, but gradually stopped all payouts. When the victims demanded their money back, the accused evaded calls and eventually went incommunicado," an official from Khadakpada police station said.

The victims approached the police after repeated attempts to recover their investment failed. Based on their complaint, a detailed probe was initiated on November 21, but no arrest has been made so far, the official confirmed.

Investigators were examining bank transactions, investment documents and communication records to trace the money trail and determine whether more individuals were duped using the same modus operandi.

The police have registered a case against the two accused under Sections 420 (cheating) and 34 (common intention) of the Indian Penal Code and provisions of the Maharashtra Protection of Interest of Depositors (MPID) Act, the official said. PTI COR GK