New Delhi (Agency): In Thane district of Maharashtra, a case has been registered against two individuals, including the owner of a firm, for allegedly defrauding investors. The suspects, identified as Parag Thakker, the proprietor of Indo Pacific Global Services Company, and its manager Sagar Chinnarampelli, are accused of cheating 30 people out of nearly Rs 32 crore. The case was registered at the Narpoli police station, according to an official announcement on Friday.
The police detailed the alleged scam, explaining that the fraud occurred between January 2022 and February 2023. “Between January 2022 and February 2023, the accused lured people into investing in their firm and promised to give 12 per cent returns on investments,” said the police official, quoting from the complaint.
Investors were persuaded to pour money into the company in amounts ranging from Rs 50 lakh to Rs 1 crore. To reassure them, the accused provided promissory notes and later issued checks. However, when investors tried to cash the checks, they bounced because the company’s bank accounts had already been frozen.
“After realizing that they have been cheated to the tune of Rs 31.95 crore collectively, the victims approached the police and lodged a complaint,” the police official added.
So far, no arrests have been made in connection with the case. The police have registered offenses under various sections of the Indian Penal Code (IPC), including Section 420 for cheating, Section 406 for criminal breach of trust, and Section 34 for common intention.
This case raises concerns about the safety of investments and the credibility of companies offering high returns. Investors are advised to exercise extreme caution and conduct thorough research before making substantial investments, especially with firms promising unusually high returns.
This incident serves as a cautionary tale for investors and highlights the need for due diligence. Authorities are continuing their investigation to catch the culprits and bring them to justice.
