Maha: 2 held for extorting money from shares trader in Thane

A man, who had invested Rs 92 lakh in shares through the complainant, asked him for an immediate refund. When the complainant expressed his inability to pay the amount, he was allegedly beaten up by the man, his associate Kishore Adhav and some other persons, he said.

Police have arrested two persons for allegedly extorting money from a shares trader at gunpoint in Maharashtra's Thane city, an official said on Monday. The complainant, who has his office in Kopri area here, told the police that he was paying his agents and investors regularly before the outbreak of COVID-19.

But, as the situation turned grim during the pandemic, he could not make the payments, an official at Kopri police station said quoting the complaint. A man, who had invested Rs 92 lakh in shares through the complainant, asked him for an immediate refund.

When the complainant expressed his inability to pay the amount, he was allegedly beaten up by the man, his associate Kishore Adhav and some other persons, he said. On October 23, four men claiming to be Adhav's associates went to the complainant's office and allegedly sought Rs 50 lakh for continuing his business in Thane and Rs 2 lakh per month as "protection money", the official said.

They also allegedly pointed a revolver at the complainant and beat him up while making the demand. When the complainant expressed his inability to make the payment, they took him to his house and allegedly took away Rs 5 lakh from him. They also demanded Rs 2 lakh as "protection money", the official said.

The complainant then approached the police, who laid a trap near his office and when a person, identified as Rohit Kamble, came to collect Rs 2 lakh on Saturday, he was arrested, the official said. Adhav, who was waiting in a car, fled from there but the police managed to nab him at Kalwa Naka, he said.

A case was registered against the accused under he Indian Penal Code sections for extortion and criminal intimidation and provisions of the Arms Act, he said. Search was underway for two other persons in connection with the case, he added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)