Director of Investment Firm Booked for Rs 73.50 Lakh Fraud in Thane

The Thane police have registered an FIR against Ranjit Bais, director of an investment firm, for allegedly cheating five depositors of Rs 73.50 lakh. Bais assured high returns but failed to deliver, also neglecting to return the principal amount. A probe is currently underway.

An FIR has been filed against Ranjit Bais, the director of an investment company, for allegedly defrauding depositors of Rs 73.50 lakh in Thane district, according to an official statement on Monday.

Authorities from the Dombivili police station confirmed that the FIR was registered based on a complaint from one of the duped investors. The charges include IPC sections 420 (cheating), 406 (criminal breach of trust), and relevant provisions of the Maharashtra Protection of Interest of Depositors (MPID).

In March 2020, Bais allegedly persuaded five investors to invest in his company's schemes with promises of high returns, which he later failed to pay. When investors demanded refunds, they received evasive responses, leading one victim to file a police complaint. Investigations are ongoing.