Investment Scandal in Maharashtra: Trust Misplaced

A case has been registered against a Thane-based investment firm owner for allegedly cheating investors of Rs 1.39 crore. Despite promises of share market gains, the accused did not invest the money but misappropriated it, refunding only a portion. Legal proceedings are underway.

A significant financial fraud has come to light in Maharashtra's Thane district, where an investment firm's owner has been accused of defrauding clients of Rs 1.39 crore, an official revealed.

Authorities report that the victims entrusted Rs 1.64 crore to the firm over two years, anticipating profitable returns in the share market. However, these funds were allegedly misappropriated by the accused.

The case against the investment firm owner, registered on Sunday, includes charges of cheating and breach of trust as per the Indian Penal Code, following the limited refund and subsequent complaint from the victims.

(With inputs from agencies.)