New Delhi (Agency): In a major blow to investor trust, a Thane-based financial consultancy firm in Maharashtra is facing legal consequences for its alleged large-scale fraud. A police report suggests that the owners of this enterprise may have successfully swindled investors out of a whopping Rs. 2.50 crore through false promises of lucrative returns.
This disconcerting incident came to light on Wednesday, as local police reported that they have filed a criminal case against the consultancy firm. According to their disclosure, 14 people, including a retired employee of Bharat Petroleum Corporation Limited (BPCL), were victims of this calculated deception.
The Thane-district based firm, operating out of Dombivli, had allegedly attracted investors with the assurance of substantial dividends generated from their air ticketing portal. The complainant, a retired BPCL worker, was led to believe that the firm’s earnings from this online operation would be distributed to investors as dividends.
The victim’s experience paints a picture of an operation that ran smoothly for a while. He received returns on his investment from 2018 to early 2023, but when this stream dried up and the firm’s responses turned elusive, he turned to law enforcement.
The subsequent police investigation shed light on the magnitude of the fraud, revealing a further 13 individuals who had been ensnared by the firm’s misleading promises. As per initial estimates, the collective financial losses incurred by the victims exceed Rs. 2.50 crore.
Despite these serious allegations and the commencement of an investigation, no arrests have been made to date. The police have registered an FIR under section 420, pertaining to cheating and dishonestly inducing delivery of property, and section 406, relating to criminal breach of trust, of the Indian Penal Code.
The case underscores the critical importance of transparency and regulatory oversight in the investment sector to protect individuals from fraudulent schemes and deceptive practices.
