Maha: Case against 5 for cheating people in name of hefty returns on their money; 2 held

A case was registered against five persons for allegedly duping people of over Rs 5 crore by promising them hefty returns on their investments in Barshi town in Solapur district of Maharashtra, police said on Saturday.Police said the prime accused, Vishal Phate and his wife are on the run, while his father and brother were arrested on Friday.At least six investors lodged the FIR at the Barshi police station under various sections of the Indian Penal Code IPC, an official said.He said as several investors are coming forward, the quantum of the scam will go up.

A case was registered against five persons for allegedly duping people of over Rs 5 crore by promising them hefty returns on their investments in Barshi town in Solapur district of Maharashtra, police said on Saturday.

Police said the prime accused, Vishal Phate and his wife are on the run, while his father and brother were arrested on Friday.

At least six investors lodged the FIR at the Barshi police station under various sections of the Indian Penal Code (IPC), an official said.

He said as several investors are coming forward, the quantum of the scam will go up. ''As per the complaint, Phate used to lure people by promising hefty returns going up to 28 per cent on their money which he would claim to invest in share markets, algo trading, IPOs, and gray market through his firm. Phate, who had been accepting the money since 2019, gained the trust by giving good returns to some of his depositors,'' said Himmat Jadhav, additional superintendent of police (Solapur rural). He said the investors sensed that something was amiss and approached the police after Vishal Phate and his wife went incommunicado on January 9. ''We have fanned out teams to nab them. A lookout circular has also been issued against both the accused,'' said Jadhav.

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