Thane, Sep 14 (PTI) A case has been registered against two persons in Maharashtra's Thane city for allegedly cheating people of Rs 6.25 crore by promising them lucrative returns on investments, police said on Saturday.
Based on a complaint, the police on Friday registered a case against the accused, Manish Malkan and Arpit Shah, under sections 420 (cheating), 406 (criminal breach of trust) and other relevant provisions of the Indian Penal Code for fraud that took place between October 2020 and May 2023, an official said.
The duo allegedly lured people to invest in their company, Money Maker Malkan, which they claimed was licenced by the Ministry of Micro, Small, and Medium Enterprises (MSME), he said.
The accused assured high returns, promising 6 to 8 per cent profit on investments, and convinced people to invest large sums of money.
However, the payments ceased in February 2023, and they failed to refund the principal amount, the official said.
As many as 24 investors lost money to the fraud, he said, adding that a probe is underway. PTI COR ARU